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Thanks for all your efforts Kenny.It looks like the sun might come out again on this very soon.
Sounds very good Kenny.em
Anyone know which brokers will accept certs back.I know etrade and ameritrade will not.Someone mentioned zecco any others?
Kenny is correct.A positive email has been sent out to those hurt by the PDR fiasco.
Need some news.
Thanks.
Here's a question.Has everyone with PDR's
still holding them or have they come back to them. as PNMS shares.
There was talk of some compensation for the PDR holders.
Washington, DC, -- FBI Director Robert S. Mueller today announced the inception of its Corporate Fraud Hotline as part of the national Corporate Fraud Initiative. This personally manned hotline will provide the general public with the opportunity to furnish information concerning suspected Corporate Fraud matters directly to the FBI in Washington, DC, via our toll-free telephone number, 888-622-0117.
New blog is some reason for hope imo.
Gold at $900 an oz.Now if only we could find where all ours is stored at we could pay a visit to the vault and feel a lot better about our investment lol
HS.Do you hold out any hope of getting even our original investment back.You must be pretty sore with all the money you put in here.
I also got an email from Pedro.He said he is hard at work on a bailout rescue for the shareholders.He is adamant MT is responsible for this mess.
Thanks ellen.I think Pedro should consider making a compensation offer to the shareholders and members asap before law enforcement and attorneys get too involved.This is good advice Pedro.
All of the email address's for Pedro are not working.Looks like he's packed up and gone.Anyone else have any luck or is it my server.
The PDR's were never in the Panama Stock Exchange.I heard they were very concerned when they found out about it.They might have been responsible for shutting it down.
I suggest we all start making complaints to Mr Roberto Brenes starting tomorrow about the PDR Excahange.
PANAMA STOCK EXCHANGE
For almost a century, Panama's dollar-based monetary system has fostered a stable, open economy based on a modern banking center, a nationwide trade zone and broad infrastructure of corporate and financial products successfully serving Latin America.
The Panama Stock Exchange emerges as the natural development of this unique economy. It stands as the only dollar-based securities market in the region. Our mission is to increase and complement the stability that Panama provides to Latin America. Our vision is to provide a unique regional niche for investors, issuers and broker/dealers seeking global challenges.
Mission:
Since its creation in 1990, the Panama Stock Exchange has been an important part of the development of Panama's role as a regional financial center.
The exchange is the only Dollar-based securities market in the region, and Roberto Brenes, its Managing Director, is laying the foundation for a market that will list shares of companies from throughout the region.
The main targets are the many companies of Central America and the northern countries of South America that have strong balance sheets but are too small to issue shares in New York. In Panama, these companies could find ready sources of capital in the foreign investors who have billions of dollars deposited in Panamanian banks.
This regional business is showing promise. El Salvador's Taca Airlines pioneered last year with a $30 million-share issue on the exchange. Banco Ganadero of Colombia issued $20 million in shares in December 1995, and Banco de Colombia followed with a $10 million offering.
As part of the effort to develop a regional equities market, the Panama Stock Exchange has taken a leadership role in financially integrating Central America through a regional exchange known as the Bolcen, which should be functioning by the end of 1996. As a first step, clearing and settlement systems are being harmonized to bring delivery and payment in line with world standards.
Currently, most transactions -- $233.4 million last year -- center on government bonds. Banco Disa recently issued bankers' acceptances through the stock market.
Requirements:
Companies must obtain the authorization of Panama's National Securities Commission to sell or underwrite an initial public offering of securities. Companies must also apply to have securities listed on the Panama Stock Exchange.
To obtain the Securities Commission's authorization, companies must file through an attorney with the Commission and the Stock Exchange. The main filing requirements are:
The articles of incorporation and by-laws of the company, which must be registered with the National Public Registry.
Certification from the National Public Registry of the names of the company's directors and legal representative, the authorized share capital and the term of the maturity of the company.
A prospectus or selling memorandum in compliance with the rules and regulations of the National Securities Commission.
To list in Panama securities initially issued by a company abroad, the main requirements are:
An information memorandum describing details of the issue, which must comply with the rules and regulations of Panama's securities commission and the exchange.
Copies of the most recent financial statement, which may be no more than 120 days prior to the application date, and statements for the past three fiscal years. Statements must be audited by an independent certified public accountant and comply with generally accepted accounting principles.
The issuer or agent who requests the listing on the Panama Stock Exchange must appoint a legal agent with full power of attorney to permanently represent the issuer in Panama.
All documentation issued in a foreign country must be authenticated by the competent authorities or diplomatic representative of Panama in the country of origin of the document.
Registration with the National Securities Commission in Panama is free. The Panama Stock Exchange registration fee is $250, plus an annual maintenance fee of $100.
Direct enquiries or further questions for the Panama Stock Exchange can be addressed to this e-mail: bvp@pty.com or
Mr. Roberto Brenes P.
General Manager, Panama Stock Exchange
Calle Elvira Mendez y Calle 52, Edif. Vallarino, Planta Baja
Postal Code: 87-0878
Republic of Panama
Tel: (507)269-1966 Fax: (507)269-2457
Panama Stock Exchange Members:
Cambios, S.A. Manuel D. Cabarcos G. Juan Manuel Cabarcos C. Tel: (507) 264-6655 Fax: (507) 264-5204 Apdo, 4341, Panama 5, Rep. de Panama
Negocios En Valores Mariana de Detresno-Pedro Detresno Thomas
Ellen-I dont have private message but a few shareholders have been in touch with me,We'll figure something out.I suggest we start with a formal complaint to the Panama Stock Exchange.Maybe Pepsi who lives down there can help with that.I heard recently the Panama Stock Market were very upset with the PDR Exchange when they found out about it.They feared it was not stable and might collapse,which actually happened.It closed and took everyone's investment with it.They fear it will damage the reputation of Panama.Lets start the ball rolling down there.
I believe its time for law enforcement to take a closer look.
Remember Pedro was very much aware of the promises being made by the PDR Exchange.He was also aware of the gold bullion reserves being held at the bank in Panama by the Foundation.Pedro,are you now telling us you were never aware of this.If so you are either a conman or just plain stupid.Which is it.
I talked to an Attorney yesterday on other matters and I mentioned the predicament we now find ourselves in and he referred me to the US Embassy,Dept of Commerce section.If a formal complaint of wrongdoing is reported that effected US citizens in Panama,they will fully investigate.
I am keeping my options open on this.
http://panama.usembassy.gov/offices_department.html
If there is buyer then I think you all agree with me, Pedro should pursue the matter at the utmost urgency as we have a rudderless Operation presently.
Are there buyers lurking on the wings? From the Blog
PANAMERSA Corporation has many pending issues with MST and will continue the asset management and recovery program to be able to seek and/or give restitution where is due. Also, there are some pending offers for the purchase of PNMS by groups foreign to our western hemisphere that will be looking at closely. I firmly believe that we are going through very hard times, if we can withstand the pressure, wait and work together we might be able to come ahead much better with a totally uncontaminated executive board for PNMS.
PepsiMan-CONGRATULATIONS!!!!!!!!!!!!!!!Be safe.
Mr Goodlife
MT used to return my calls up until this latest breakdown.Now some of the numbers dont work anymore.As for trying to find him,I am sure he reads the board and is aware of my interest in having a private chat with him.The offer is always open.Mike,if you want to,call me anytime.
Mr Goodlife
I totally agree.I have suggested the same here on the board some time ago.If MT cant go to Costa Rica then Pedro should come to Dallas.As a shareholder living in Dallas I would be glad to help make that happen.I have met MT on a few occasions and always found him to be very enthusiastic about our future,so what has changed? Its time to get this resolved for the sake of the shareholders.
Mr Goodlife
Do you feel confident the PDR guarantees will be honored or at least renegotiated.What is your opinion of the Exchange ever opening again.Thanks
TF or Pedro-where do we send this info to?
I guess copies from your acct before the exchange closed should work.
Good job I keep good copies/records!!!!
MT-why not convene an informal meeting in Dallas with whatever shareholders can show up and tell us your side.Need not be a formal event just meet at a Hotel bar or lounge to shoot the breeze and figure a way forward.Just have someone post a time and place here on the board.Same applies to you Pedro if you want to set something up.
HS-what is the current state of play.Is all lost or will Pedro rescue this.Not holding you to anything as you must be very disappointed with all of this.
This is getting ugly.If MT cant go to Panama then Pedro you should come to Dallas and meet with him and also hold a meeting with as many shareholders as can show up so we can get this settled quickly.
ELO
Very good post.Deserves an immediate response from management.em
Where are all the questions for 4G.
I still have them in my acct.Once I proved my etrade position on the cut off day I was sent my land certificate.
I got the land divy w/o any problem.em
As a member of the Exchange I cant discuss that.
The buyers are over in the Exchange.