https://www.youtube.com/watch?v=xLpfbcXTeo8
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Yabutt here's the reason Tyler is notorious - venue shopping:
http://arstechnica.com/tech-policy/2013/01/east-texas-courts-are-back-on-top-for-patent-lawsuits/
http://www.dallasnews.com/business/headlines/20150818-new-patent-infringement-lawsuits-in-east-texas-shatter-records.ece
Another popular venue is the Western District of Wisconsin in Madison, a much, much preferable place to spend six weeks than Tyler, TX (even in winter). These are both popular locales for IP cases - the rocket docket and also favorable jury pools (one low-brow and the other high-brow, relatively speaking).
http://www.law360.com/articles/49923/the-tundra-docket-western-district-of-wisconsin
http://www.michaelbest.com/pubs/pubDetailMB.aspx?xpST=PubDetail&pub=2316
Warshington, D.C. is ~OUTTside the limits of Marty's bail restrictions. He'd have to ask Probation and Pretrial Services and the court for permission to travel to D.C. - maybe Marty simply won't ask and just won't go, claiming that he is barred from traveling ~OUTTside his permitted area per his bail terms.
Welp, in addition to having a nice zoo, Omaha has the best Bohemian restaurants outside of the Chicago area.
So that's a plus for litigating there. Beats the hell ~OUTT of Tyler, TX. Six weeks in a hotel in Tyler - which has at most 3-4 decent restaurants - will make Omaha look like Paris in comparison. (Paris, France - nott Paris, Texas)
And maybe "Adam Carter" is hiding ~OUTT in Omaha ... or Praha.
"And how many other subpoenae"
Just FYI, the plural form is 'subpoenas'. I know your strong background in Latin and Italian may suggest the '-ae' ending to indicate plural form, butt at least in US English usage, 'tis nott the case.
"And would any judge order the clearing firms to comply?"
Who knows? Federal judges sitting in Omaha prolly don't see a lott of securities cases, and this one is particularly a case of first impression (at least to me).
"My certificate is actually hanging on my fridge."
It should be hanging next to the toilet. It's worth less than a roll of Charmin.
OUCH!!! That's gonna hurt!
As soon as the SEC is finished flyspecking the 2008 10-K that Mosky just finished, then SPNG! will immediately uplist to the NYSE and be added to the Dow Jones 30 Industrials Index.
It will be the first $500 BILLION market cap sponge company. Moskowitz and Metter will keep Warren Buffett waiting in the lobby for hours before taking a five minute meeting with him so Warren can beg to buy a 5 percent stake in this sponge behemoth.
As I just explained, those creditors are NOTT the plaintiff(s) in the complaint filed by the $8M financier, so their desire to see that $8M spent on anything that the creditors can then later have as an asset that they might gett a part of as liquidation creditors makes sense - to them.
Without that $8M being spent, the corp has virtually no marketable assets and the creditors will wind up with essentially nothing. So of course they want to gett that $8M spent before the financier(s) gett it back - it's the creditors' only hope to get anything ~OUTT of this dead duck, broke company.
Oh, and you should reread my posts (and their date stamps!) - I've never claimed to be a professional investment advisor. Butt I am a professional business/commercial lawyer with many decades of experience in this exact geographical are and business area.
Dude, in commercial/business law, frivolous lawsuits are filed by top AmLaw200 firms all the time simply to gain commercial leverage screw up a pending IPO or other financing, etc.
It is also pretty common for the defendant to counterclaim with malicious prosecution and abuse of process claims - which virtually always fail.
Because it's damn, damn hard to PROVE that a lawsuit lacks any merit whatsoever and was filed with malice for an intent other than a belief that the plaintiff has a viable claim. Very, very rarely will such counterclaims prevail.
Which is why these vexatious lawsuits are filed all the time. All you need is the tiniest shred of a claim, even though you know it's boolsheet, to survive a counterclaim of abuse of process and/or malicious prosecution. Usually the only times such claims prevail is when there is a smoking gun found - like a stupid email from the company CEO or chairman to someone (nott subject to the attorney-client privilege) saying "we know the lawsuit is boolsheet - our lawyers told us there's no way we can win this but we've filed it anyway".
For the same reasons, you'll often see motions for Rule 11 sanctions in these types of commercial litigation - and these motions will virtually always be denied except in the most egregious contexts and usually also requiring a red-line smoking gun admission (e.g., am email or such).
It is fairly easy to cook up a variety of 'colorable' claims which have no real chance to succeed, butt also are very difficult to PROVE are an abuse of process or malicious prosecution.
I am simply explaining to you the reality - as a lawyer with AmLaw200 experience, in the Bay Area, in this exact market sector.
So, believe whatever you want. It's a free country. Feel free to remain dead wrong. I'm just explaining reality here, nott belief systems.
You have every right to persist in being wrong on this. Nonetheless, that will remain wrong.
Ummmm ... except the real creditor who/which wants their $8 million back are the financiers who were defrauded by Shkrelia and the company and induced with lies to wire that $8 million to the company.
So the BK judge ain't gonna do squat in releasing those funds until that claim (actually a complaint) is first dealt with by the court.
All creditor claims are subordinated to this pending complaint, and so are the wishes of all creditors other than the $8M financier(s) (the $8M financier(s) is/are nott technically creditors, they are contract-tort claimant(s)).
The number of shares is irrelevant when the underlying corporation has zero fundamental value and is in bankruptcy which will, at best, result in cancellation of the commons, and most likely will convert into the Chapt 7 liquidation just as the prior management (Herb Cross and the prior BOD) had planned.
1.2 million shares of ZERO is worth as much as 1.2 BILLION shares of that same ZERO.
One can cut that ZERO into as many pieces as one wishes and each slice will remain worth exactly ZERO based on the lack of any underlying fundamental value or net assets (net of debt).
Better call Keker.
Marty's only hope is to try and cut a plea deal to minimize how LONG his prison stint is gonna be.
He'd better call John Keker and plead for John to take him on as a client, then follow John's advice and instructions to the T and see what kind of deal Keker can cut for him.
That's the best free advice anyone can give him: Call John Keker!
Randy Goatse, gimme a call, bro. I'm waiting to hear from you. I can move that $309 BILLION in gold you claim to have.
All those guesses are wrong. The correct answer is: NOWHERE.
Giddy Up will be available where it has been to-date: nowhere.
The Whispers concerts will NOTT be featuring any Giddy Up tastings.
First Giddy Up product shipment will be Neveruary and the shipment will be sent to Nowhere.
It's nott even a fugazi - it's a non-gazi. A ghost beverage that exists nowhere and a CONtainer that is nothing butt an Adobe Illustrator graphics file.
That is all.
These are facts, nott guesses.
If Marty has so much loose cash, why did he have to put up his E*Trade account to make a measly $5M cash bail?
Why couldn't he have posted a cash bond?
Would have been smarter than freezing an account that, at the time, had an alleged value of $45M to meet a paltry $5M cash bond.
It makes no difference at all that Marty owns 70 percent of common.
In the majority of corporate Chapt 11 BKs, the common stock doesn't even gett a vote on K judge almost always overrides them and approves a plan if the other creditor classes approve it (note: common stockholders are nott true creditors, they are only the lowest class of unsecured default 'creditors' who are entitled only to whatever is left after a Chapt 7 liquidation pays off ALL real creditors in full - the commons would gett whatever crumbs were left over - which there are usually none.
So, Marty can't "reject" any reorg plan, and even if he could and the judge didn't override that class vote, the result is that the reorg plan fails and the BK would likely proceed to a Chapt 7 liquidation.
KBIO common is fundamentally worth exactly ZERO here.
"Chances are high everything will be different with this one."
Why? On what basis?
And what exactly will be different?
It will be available where it always has been: nowhere.
"when Giddy Up is Launched"
This will nott happen in anyone's lifetime.
Oh yeah, baby. The floorless converters are now eligible to convert into the FLOAT and dump upon issuance.
Czech the 13-Ds and you see they're now teed up to convert and dump in dribs and drabs - running the floorless convertibles DEATH SPIRAL and Chucky Scimeca's little snake oil skin creme pennyscam int DaDirt.
Goldman delivered - they just didn't comply with the requirement to locate before executing.
No outstanding 'naked short' position was retained and held for any substantial period - they, like Penson, simply didn't check for the borrow before execution. They still ultimately delivered with at most a very minor delay, if any.
I was at Woodstock too - Woodstock, IL - and I went to Harvard, which is ony a few miles away (Harvard, IL). They're both about equidistant from nearby Hebron, although the Intifada in Hebron never really took off.
"a group that had the means to short ( any stock) where I was able to not have to locate or pay any borrowing costs"
And WHOM do you think can do that? Even MMs have to meet the T+3 delivery requirement. So WHO are you believing can sell short (for more than a few days) before having to deliver the shares?
And exactly HOW do you propose that works without showing up of the FTD list?
Really? Have you been inside a kitchen at any NYC restaurant recently?
No habla espanol, no comida, vato.
And who do you think is doing the actual work on NYC CONstruction sites? Hint: it ain't the white guys 'supervising' from the street with their hardhats and coffee cups perma-welded to their paws.
Who cleans the hotel rooms?
Just because Manhattan no longer manufactures anything except Wall & Broad brand counterfeit paper products, doesn't mean there are no sweatshops anymore. In the 'service economy' of Manhattan, those drops of sweat in your entree (and the amoebic dysentery) are from the Guat line cook now (unless you're in Chinatown in which case they're from the Fujian line cook).
It's only a different aroma of sweat now.
Our revolutionary (shall we say 'disruptive'?) innovation will be assessing tolls based on the value of the vehicle.
A '91 Honda Civic is assessed a toll of $5 to get into/from Manhattan.
A '16 Audi S8 is assessed a toll of $500.
Rental cars pay a $100 flat toll.
Buses pay $10 per passenger plus $200 vehicle assessment.
Cargo containers full of illegal immigrants headed for Manhattan sweatshops/restaurants are $65 per child, $85 per female over 16, and $100 per male over 16, plus a flat $250 for the truck/trailer combo.
Janice should like our new 'progressive' toll scheme.
We plan to spinoff a sub (tentative ticker applied for is PARK) that is going to corner the market on parking garages in Manhattan. From Kinney, ProPark, iPark, etc. all under one umbrella.
"None of which are publicly traded. Yet."
That we know of at this time.
Look for my new ticker: BRDG to offer shares in a new REIT based on these iconic properties - coming this spring or summer. As soon as Integral finishes the 'financials' for OTCMarkets.com on this hidden gem, low-floater. :)
We'll be raising the toll on the GWB to $75 (payable in both directions) and renaming it the Martin Shkreli Bridge to Riches.
Oh, and one more thing: the 70 percent bought by the Shkreli group that were free-trading could nott be sold by them for six months under the short-swing profit rule.
So explain how the halt prevented these financiers from completing their PP into KBIO. As you've claimed.
Janice, do you believe Eade is actually residing outside the USA?
I cannot get the FTB to go after this guy even though he has listed income previously from his LA-based law office during times he claims he was nott practicing law in California. He still owes CA income tax as a non-resident earning income in CA - or as a part-year resident - either way, he owes the FTB.
Why the FTB doesn't go after him is an ongoing mystery to me.
Do you think he really lives abroad and does nott provide legal services (e.g., 144 opinion letters, rendering legal advice to pennystock scammers) using his CA office and/or license?
Maybe the FTB realizes they, like you, will have no luck recovering a dime from this clown. I doubt it though, because as far as I can tell, the FTB is nowhere near smart enough to have even figured that ~OUTT.
Penson was not holding any "naked short" position speculatively, they were simply SLOW to deliver the shares because of their process, and Penson didn't go beyond T+6 for settlement. They simply delivered the shares at the END of the trading day T+6 and not at the BEGINNING of the trading session on T+6.
Rule 204, adopted in response to the financial crisis, addresses the negative effects that fails to deliver have on markets. Penson violated the rule when it loaned securities held in customer margin accounts to third parties and the margin customers sold those securities, but waited until the settlement date (T+3) to recall the stock loans.
“This practice resulted in serial failures to deliver at the firm level. Rule 204 required Penson to purchase or borrow sufficient shares to close out those failures to deliver no later than the beginning of regular market hours on the sixth business day after the sale (T+6),” according to the SEC.
Johnson and Wetzig allowed the firm-level failures to deliver to persist until the borrowers returned the recalled shares, which often did not happen until the close of business on T+6.
So this is nott what you've been claiming is 'naked short selling' by MMs for speculation, it's lazy brokers who are delivering literally HOURS late.
"What justification was there for the halt? Was it to prevent financing that may have been provided by the majority owners?"
And WHY would the majority owners be prohibited from executing a financing because NASDAQ delisted the stock and it was halted?
I'm not aware of any reason why they could not proceed. The shares would be restricted anyway and not tradeable on issue.
Or are you trying to say that the halt prevented the majority from selling shares while privy to inside information and also the fruit of manipulating the stock price, so the halt prevented them from dumping their existing free-trading shares onto the market suckers to raise money for a private placement?
I can't follow your theories from one strand to another.
GWB = George Washington Bridge
TZ = Tappan Zee bridge
NE = New England
I think what you're seeing is a facade. Nic Jacobs lives in a 814 sq ft condo apartment in Denver.
Company Name: SILK DYNASTY STOCKS
File Number: 20141236189
Filing State: Colorado (CO)
Filing Status: Good Standing
Filing Date: April 12, 2014
Company Age: 1 Year 9 Months
Registered Agent:
Nicolas Jacobs
3100 Cherry Creek South Drive #302
Denver, CO 80209
Principal Address:
P.O. Box 25
Denver, CO 80246
That is also listed as his residence.
That's nott a high roller, that's a poseur.
"Was the failure to deliver certificates to the placement players a strategic move to restrict float and artificially control the bail + price ?? My guess is the not-so-smart chess players are still in the game.
Ummm ... since there is no registration statement for the shares to be issued to the $8 million financier, how is it that you think they could sell those shares before the expiration of 12 months from the issuance date (now that it's non-compliant) without an exemption?
Oh, and yes, I agree there are not-so-smart chess players here.
KBIO has NO continuing trials. All their mAbs have FAILED in trial already. That is why Herb Cross and the old BOD had planned to dissolve the corporation.
There are no assets. There is $8 million that was IMO frauduently obtained from a group of financiers, who have now filed a complaint with the Bankruptcy Court to reclaim that $8 million, which I expect they will do.
I can't view that FB page. I get the following:
Sorry, this content isn't available right now
The link you followed may have expired, or the page may only be visible to an audience you're not in.
So I guess I'll have to miss ~OUTT on that joker's tout account.
If you have his nombre, PM me or post it (as he's a paid tout who is implicated in FNRG and the criminal case involving St. Julien and payments made to "the corrupt stock promoter" and his partner in crime, Silk). I used to know it butt don't have it at hand at the moment.
"New York City would be the worst for taxes. But on the other hand, you'd get to live in New York City."
Adding insult(s) to injury.
It is still incalculable, as nobody other than the court and Shkreli's folks know what is in the account - if there is KBIO that was bought on margin, if margin interest is being charged, etc.
So it is unknowable unless you have the account statement and records.
His parents PLEDGED their property to the court. If he skips bail and his trading account can't cover the bail amount, then the court takes the 'rent's property.
Pretty simple. The 'rents put up their property voluntarily.