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Nah, that release from Consumer Affairs reads more like a cheesy crime novel. I, and anyone with any life experience, would tend to believe the founder's version of events in his press release on the subject. The formula is simple, consumer affairs agent is pissed that after a 5 year investigation, the department's "Madoff" candidate was exonerated and let go. The agent responds with a loud press release that fails to mention a disbarred attorney was involved with all of it. Why leave that part out? Why not mention that the alleged acts happened from 2005-2008. The answer is pretty obvious. The agent was looking to harm the founder's credibility and disrupt his current business activities. Surprise, it hasn't worked.
http://www.marketwatch.com/story/target-of-la-criminal-investigation-has-13-felony-counts-dismissed-and-walks-away-vindicated-2013-07-29
As for the Rule 506 offering... Well, Since Medbox is registering shares, it appears they are not relying on that exemption at all.
Off to the races!! Mass dispensary apps need to be in by Aug 23... :)
What a novel idea! Inventory management of marijuana through the use of machines? Oh wait, Medbox creator patented that in 2007. If you are bored enough to read the lawsuit the patent holding company filed against Autospense, they allege that DeRobbio called Medbox 6 months before the Autospense machine was created. What a clown...
Looks like the patent holding company dismissed the suit in state court due to Autospense not finding any kind of traction for their machine. Autospense countersued Medbox (not the patent holding company that sued them) in the hopes they could scare up nuisance value money. Good luck with that nonsense. Meanwhile, after the announcement of the EDXC acquisition of Autospense their stock has tanked more than 50%. Looks like no one is buying the hype.
Oh look, the company that is allegedly every variation of a scam makes good for some of its clients in AZ that through no fault of their own couldn't get their dispensaries up by the deadline imposed by the state. They litigated for their clients and WON!!! What a bunch of scammers!!! LOL
Well, the allegation before was that the stock was a complete sham that is wash trading when it does have volume, a P&D scam when the price declines, and now it's just lack of market interest in the stock not understanding that many serious buyers are vacationing in the Hamptons during the dog days of summer. It doesn't matter what this stock or company does as there will always be a half-baked comment on the subject.
Regarding DA and credibility... Sure, they let him go when the fear could have been a public relations disaster if they knew he was currently up to no good. Think about it...
Latest experience? Umm, well... This 15 count felony case was talked about a great deal here and the prediction was that the DA in LA would be putting Vincent away for life based on his management of a law firm from 2005-2008. Based on him walking away from it without having to put the company he founded through the harm of a trial of one of its principles, I and any one with any sense would say he did pretty well by walking away. I asked him personally and he said he took a deal for the benefit of the company. I can't say I disagree. I didn't know he took a deal. He just told me the case was "resolved" when I inquired about it a month ago. He also said that the attorney he worked for wasn't charged and the focus was just on Vincent. He also says the press release the City put out was not accurate and simply aimed at "advancing careers".
Looks like the City is trying to cover their asses for why they charged someone with 15 crimes and LET THEM WALK. The PR looks like its filled with puffery. Bottom line, you take criminals to trial if you have a case. If you don't you offer them pretty plea deals for probation.
Oh, I get it. You're being cute. Now I'm Vince. In that case you must be Osama.
Great. Then the company's shareholders won't have to worry about dilution since those 3 million shares will never see the light of day.
"and the reality is that no way MDBX is going to get anywhere near the $20-25 per shares price range for those 3.0 million shares"
I don't ever comment on market dynamics. The reality is though that a few hundred thousand shares have entered the marketplace in the last few months based on the e-float number posted on OTC Markets. The market seemed to accept those shares just fine. Then again, the stock has been overvalued since day one. A fact the company readily admits through press releases and interviews. So maybe a price adjustment is in the future, or maybe not. I know a lot of I-hubbers that have made predictions that were flat out wrong on this one. As far as I'm concerned all bets are off.
Well, if the company can't then registering up all those shares was pointless and they would have to deregister those shares in 2-3 years. Obviously the company believes it has traction for the stock in that range.
"raise your hand if you think Vinny the criminal can pull off a placement of 3m shares in the $20-$25 range."
You can gather from press releases that the auditor was engaged by the company prior to the auditors issues with the SEC. That's not criminality, it's crappy luck.
"so how does one respond to a withdrawn Form 10?"
Simple, they incorporate changes made to the S-1/Form 10 as they are basically the same document and they highlight the changes made in a response letter to the initial examiner. That letter is not public unless the SEC posts comments and answers at a later date. It's common sense actually.
This is hilarious. So you are telling us that you bought $5 restricted stock that the company promised you they would register up in an S-1 and you are upset about this? I call bullsh*t on so many levels it ain't even funny.
Why not? Nothing illegal with that. Kudos to Vinny for dealing with that issue and walking away CLEAN.
You need to consult your textbooks people. This company does not currently have any registered shares. The hold period on any shares they issue is one year per 144 guidance from the SEC.
Furthermore, no where in that document does it say that insiders are registering up their shares.
But wait, your theory has been there has been insider selling the whole time. Now you are saying they are relying in a registration statement to sell? LOL
Well, with such skilled combatants here I feel outmatched. That's called sarcasm, by the way. Your calls on this have been wrong. Admit defeat and call it a day. The only winners here appear to be the majority shareholders of this stock, the day traders that took a chance and hit paydirt, and the company itself that has mastered every advantage the investment community has given it. Truly a remarkable story that will be talked about for years to come.
This post was funny. So now they put the criminal out in front because he has an ego? I don't think that's the rationale but I'm pretty sure he enjoys having people like you on tilt over it... :)
Wow! All caps must mean its true. LOL
No one cares 236... No one!
Can we put this prediction with the others? Namely:
- he is going to jail for pending criminal issues (never happened)
- Form 10 won't be filed (it was)
- no audit will ever occur (whoops, wrong again)
- the company has uncollectible receivables (nope, they collected on those)
- the stock would be sub $1 by April (nope)
- the founder would be exposed in a national newspaper for being a menace to society (that didn't happen either)
I would agree... He's living the dream!
Meanwhile, the real story of the last 8 months has been this company and its remarkable success. Kudos to Medbox. Who cares if the stock is overvalued! It makes for an incredible story....
I don't blame them for taking their time and getting it right. It's a complex filing.
If by halted you mean people are vacationing then yes. Zero selling pressure. It hovers in the $26 range and has for weeks now.
I heard they hired Jodi Arias as an auditor. She is corresponding with the company via snail-mail from death row.
The only requisite of an auditing firm is that they are PCAOB registered. I see no reason for the company to be as specific as naming the auditing firm in a press release so "cyber-sleuths" can dig up that they cheated in a 3rd grade spelling bee and try to discredit them. I mean, announcing the last auditing firm worked out so well for the company, right? Lol
Awesome! Couldn't have said it better FTW
Well, they have been pretty good about not scamming. They are the only company in the space with a viable business model, patents issued and more pending, revenue streams sought completely outside of medical marijuana through their lockbox express concept that they demonstrated in the video, and they have been blessed with unprecedented national media attention never before seen in a pink sheet stock. All this and the shares issued have not ballooned much at all. The worst you can see about them is their share price is overvalued. Shame on them! Lol
It's pretty clear that all 400,000+ shares in the electronic float were purchased between the $14 - $36 spike 2 months ago where this company had a record volume week on the upside. All this low volume indicates is that there is not much selling pressure on the stock as holders are comfortable where they are and are not selling.
LMAO... The article you posted states the opposite of what you think. Did you even read it or were you just dazzled by the shiny headline?
"Cummins’s article suggests that now that some of the social stigma around marijuana is fading, insurers may be able to fine-tune their underwriting, as they get a more accurate profile of the risks associated with using the drug. In the meantime, it’s already possible for ganja fans to shop around to find an insurer willing to cut them a deal, just as tobacco users and skydivers can."
Sorry, short lived. But who cares anyway
Oh, I see. You are alleging that the company sold its own restricted stock to fund operations! How dare they!!!! LOL
Then your claim is that company insiders are siphoning cash out to 3rd party companies and pocketing cash. Do you have any evidence of this or is it solely a "that's what scam companies do" situation?
I'm sure I'll get a response like, "a circus midget on crack can understand this is a scam". Lol
One important element missing... What's the scam?
It's not selling shares into the market by affiliates as the price is holding strong, it's not the business model as that too is pretty convincing, the company makes money so it's not just hype, the company hasn't played the dilution game at all. So where is the scam guys? Please educate us and leave out the mafia rhetoric or that it was founded by a criminal, because that's all circumstantial and implausible. Any actual facts here?
No, I hear Bedrick doesn't even exist. He's like a virtual reproduction that Vincent created of a sleazy chiropractor. Has anyone ever met him in person?? No, I even hear that they used a hologram in the Mass seminar they did that I attended. Those MDBX bastards!
Objection! Misleading, speculative, argumentative, and cowardly!
Re: fraudulent PR post
Objection! Asked and answered...
Re: other fraudulent PR post