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Muggs, naked short sellers do not have shares of NWBO. They have sold shares they do not have. Consequently, NWBO does not see those shares on their stockholder register, and they cannot be voted.
mike00h, I would respectfully suggest that if there were no deficiency in the prior two votes for awards, then we would have no need, for the third time, to once again vote for the same award. I voted yes (for the 3rd time)
QL300, yes I can see the logic in your opinion that a favorable vote would need to be on a "true up" action recommended by the board and compensation committee. However, I would argue, if I were counsel, that the shareholder vote to award the options, having knowledge of a contention by one shareholder that it was misrepresented in the information provided, and having complete disclosure of the pleadings in the suit, and if it still passes by a huge margin (presuming that it does and that the vote to be counted excludes the shares held by the affected shareholders) that all past and present voting action represents the desires of a majority of shareholders eligible to vote and that no foul, no harm resulted from any past errors in the prior two votes structure. (disclosure: I am not an attorney, but have drafted hundreds of legal documents for attorneys involving DOL and IRS regs. in my 30 year career)
MBR, there is a ton of information and links at the beginning of the NWBO board.
SKITHOE, The vote on 2020 options is going to be a significant factor in defending the current litigation against NWBO IMHO. A successful vote seems to me to be intended to overcome the deficiency in the prior two votes and thereby give cause to a potential dismissal of the litigation. In the absence of a dismissal, any adverse outcome will have a significant influence on the following:
1. Cash position - if the class action status is certified by the court AND the litigation outcome is unfavorable to NWBO, attorneys fees will be awarded against NWBO and they will be very significant.
2. A judgement against NWBO will be likely included in the defendants MTD in the by the MM suit as evidence of poor corporate ethics.
3. A judgement against NWBO may bring a number of follow on litigations.
A failing vote to affirm the 2020 options takes away the potential for NWBO to avoid all of the above bad outcomes listed above and results in potential direct financial loss to all us shareholders.
Flipper, next support now is 0.40 from Aug. 23,2023 prior low. I just put in a GTC but don't have confidence that it will get filled.
While I use technical patterns in my trade entries and exits, I don't have faith in their use in OTC markets.
Flip, I'm not only still here, but buying more. My GTC order in for additional shares at 0.46 was filled this morning for about 1/3 of my order. The rest is still working. I can only control how I feel and what I choose to do. What other longs do is out of my control and I wish all longs the best .
GB, Schwab actually did answer my question, affirming that none of my shares are loaned or have ever been loaned. I only posted the Schwab policy for securities lending because that information alone would be of use to the board members
I just got off the phone with C. Schwab - Securities Lending department, to verify that none of my securities in my three accounts were currently being loaned out and to certify that I do not want any lending of my securities.
The rep. responded that there are only two ways that Schwab can lend any of my account holdings:
1. I have enrolled in the securities lending program authorizing the lending of a specific security and payment of a portion of the interest derived from the lending into my account monthly.
2. Schwab can at their own discretion, loan any security that is in a taxable account with a margin feature and that margin is currently being utilized with a current debit balance.
Otherwise, Schwab internal controls and policy will not allow security positions of an account holder to be loaned
SS, please don't insult Mickey as he and Minnie have made Disney millions. The OTC market is more like a Rube Goldberg device sent to Russia for assembly and operation.
All the best,
Antihama, let's not leave everything to TDD to speak out for the saga of NWBO. The twists and turns and influence arm twisting would make a spellbinding 60 Minute show of investigative reporting. after the approval is granted by several agencies, it would be a good time to send a summary with names to the producer.
Senti, In reading the beautiful review you provided to the NEJM review of BGJ39, I have a couple of suggestions that I would pass on for your consideration.
1. I would consider holding off on responding to the authors of the test result conclusions until NWBO is approved. The authors will feel a reply such as your draft to be a challenge to their integrity and skill. They will dig up reasons that your reply is biased and unfair due to your significant stock position in NWBO ( I presume you would disclose having a position along with with your reply). NWBO does not need to be pulled into the matter.
2. I suggest you change the "tone" of the reply from one of pointing out errors, to one of asking questions on things that seem puzzling in their article. Asking questions begs a reply that is professionally respectful. Pointing out errors and belittling the "dramatic response" puts NEJM in a defensive rebuttal mode. Polite questions require polite answers,
Senti, I offer these suggestions after over a 31 year career in writing documents and communications of them.
I really appreciate your, and others comments on this board as it has helped me to hold NWBO stock from the time it was $12 and adding significant shares as the price fell. All the best to you.
FlyfishingCherokee
The MM have been selling shares all morning that they do not have, in order to provide market liquidity. Now they will be driving the price back down this afternoon and tomorrow morning to cover (at a lower price than they sold at this morning). It's their job . They can get caught if tomorrow demand is high enough to cause another runup and they again must sell shares they do not have, but over time they will cover and at a lower price than they sold at. Then we will begin to see just how much new demand is entering the market for NWBO.
tryn2, consider transferring your account to Schwab or Fidelity or another broker that offers free trading and access to timely quotes and trading execution. I have used Schwab for 25+ years and their execution is excellent....limit trades executed favorable to the limit price, even OTC trades, virtually every trade. For example, if I send a sell trade on a position with a limit on the price I will accept, it almost always is executed at a price a few pennies higher than the lower limit price I had set. And the reverse for buy limit trades. That is called good execution
Add the question" do they actually have stock shares to sell"
Very good summary of the NWBO v MM suit by an outside service .
https://bamboolounge.substack.com/p/update-the-spoofing-grift-on-wall
Smokey21, My entire soul and heart is pulling for your recovery to a painless, healthy recovery.
Smokey, keep your head up and your attitude upbeat as you beat this challenge. "Don't let the old man in" as Eastwood says and enjoy the support of all us posters who are cheering you on. Marry Christmas and Happy New Year to you and all the longs !
Flipper44, it smacks of a law firm that has very competent paralegal staff and attorneys. Their winning judgments are the proof. NWBO and shareholders are represented VERY well.
Just finished a tutorial video on the Schwab new Think or Swim trading platform which is newly released this week. WOW what a flexible and powerful platform. It is scheduled to replace the Street Smart Edge platform by 2024 as well as two other Schwab platforms. What a HUGE improvement. I will spend the rest of 2023 learning the platform features by using the "paper trading" tool so as to not lose capital due to any screw ups as one who is learning is sometimes prone to do. Schwab says the new platform is free to all customers without limitation on portfolio size, if I understand the video correctly.
BB who would be the appropriate contact to list in the form? Not me , I am not qualified for this line of work.
Skitahoe, two points to consider in lending your shares:
1. You do not get the entire proceeds from lending. It is split with the broker, usually by 1/2.
2. If the shares are lent to a broker that subsequently goes bankrupt or insolvent, The shares you lent are no longer obligated to be returned to you and are entirely lost. Schwab, to offset the loss, escrows an amount equal to the stock value (at the time of the lending) to repay their account holder. Other brokers may not take this approach and remember the amount set aside is valued at the date of the lending and may not be equal to the value of the stock at a later date.
this is my understanding and I will be talking to Schwab to get confirmation on the escrow value.
DD, LC2020 has to assume that legacy holders had bought their position when the stock was 2.00 or higher and totally ignored the opportunity to average down later. I have a cost basis in the mid 0.40 and some shares at over $3.00. LC2020 is becoming a funny clown here for our amusement.
Long since 2015 when one could buy options on NWBO. Hopefully that opportunity comes back to us and the risk premium is not unreasonable.
OK, my Schwab SSEdge level 2 shows that in the last 60 seconds of the market 162,635 shares traded as follows:
SHS PRICE
3878 1.01
3500 1.00
1000 0.9999
1514 0.995
The exchange closed at the 0.995 trade and the later three trades were sent by the exchange after the 4:00 close to the various platforms. So officially the HOD was 1.01 and the official close was 0.995. Be interesting to see what tomorrow shows as the open and prior close.
I suspect you guys who feel TD was better are not using the level 2 StreetSmart Edge platform, I have used TD for my SO and there is no comparison.
Pattyloco, you simply download the StreetSmart service level on the Products banner at the top in Tools if my memory is correct.
Pattyloco , If you haven't already done so, upgrade your Schwab account to a StreetSmart Edge account. You will find it far superior.......level 2, adjustable charts with the move of your mouse, chart times from 1 min. to months, many chart tools. And VERY good execution of your limit orders.
Schwab showing 1.01 on the chart is, I believe , the HOD and not the close which my account posts as 0.995
Follow up to my post re FTD shares in a Schwab account:
My first reply addressed a lending transaction , but in reading Doc's original post the question appears to involve phantom shares that somehow end up in a Schwab account as a result of a purchase execution by Schwab on the OTC market. In that event the action I would see Schwab taking the same actions as described in my earlier reply, first against the entity selling the shares to Schwab, FBO the account holder and so on as out lined in my prior reply.
The account holder would hold Schwab liable to make them whole and Schwab would then have recourse against the others involved in the transaction and turning the recovery and actions to be take over their E&O carrier.
Doc Logic post 229448 Who loses if shares never delivered?
In the situation described as an account holder in Schwab who has allowed Schwab to "rent" the account's shares in a position and the borrower fails to deliver the shares back to the account, the question is who is liable to reimburse the account for the loss incurred?
it seems to me that Schwab would be the first in line to make the account whole as they alone chose who to lend the shares to and has the obligation to oversee the transaction to completion. Schwab would then certainly take action against the borrower who fails to make the transaction complete. In the event of default by the borrower and insolvency, Schwab would have notified their E&O carrier early on in the transaction and the carrier would then provide funds, as per the Schwab coverage contract, and assume action against the borrower.
In the unlikely event that the account owner is still not made whole, a good litigation attorney for the account owner would sue everyone involved and let the court decide who is liable for reimbursement, which could result in more than one party held liable
Legend431 is hereby blocked. Lack of any useful contribution to the board.
Supersteve- This is options expiration mm running the market down to erase the huge call contract profits for the month. Usually happens every month.
Newman: Count me in as a participant in a class action. In MHO if NWBO wins, a class action is an automatic follow-up.
Roman516: The NY Times recently published an article concerning EVT, a new lifesaving approach to stroke patients that has been known, but in very limited use for a few years. The article explains why it is taking so long to become more accepted by the medical profession. In that article, he statement is made that the average time required for the medical profession and hospitals to accept, fund, and transition to a new medical breakthrough is 17 years, but a shorter time can be realized for extraordinary new tools, drugs, and devices that significantly change outcomes. Let's hope DCVax is one of those extraordinary breakthrough medical discoveries.
Hoffmann: Correct, MM can sell and deliver a stock share(s) the they do not own or have in possession at the time of the sale. However they are obligated to cover (deliver) the share(s) to the buyer as soon as they can do so. I do not know the deadline for delivery but I will look it up...likely it is three days.
Low of day
jackxkr: Yes, the special dividend by GNS may be a small cash amount, the brokerage house holding the accounts of shareholders of GNS MUST report the shareholder , the number of shares , and the amount of dividend received. This means that naked shares that were bought would not receive a dividend and would thereby identify the naked short holder. However,the brokerage house would then simply pay the dividend to the naked short shareholder account out of their pocket and thereby hide the existence of the naked account. The better way is for GNS to pay a stock dividend which exposes the naked shareholder as the brokerage cannot cover with a share dividend out of their pocket.
Closing gap action is a result of the MM who is required to deliver stock that they may not own to the buyer who buys at the gap price. The MM will then cover that delivery of stock that was "borrowed" (all legal if you are a MM) by driving the price back down to a level that produces a profit to the MM as he/she covers the borrowed shares. i.e. sell high and buy low.
MM are legally allowed to manufacture this profit as an offset for the risk they take in providing a market at any price (except in the case of a "flash drop" in the market at which point even a MM will refuse to provide market liquidity).
There are examples when the buying volume is so strong that the MM is unable to drop the price back down for an extended period of trading days but eventually the buying strength weakens for the stock and then the price is made to drop down to a level that the MM can cover at a profitable level, resulting in "closing the gap". Afterward the stock may see renewed buying again because of the lower prices and a rebound to higher prices may result. (The resumption of the "trend")
Judge Smalls
Yes, Judge we indeed have had a lucky turn of the storm. I am weathering here in the 10th floor off the Hilton Bayshore in St Pete and the car is safely parked on the second floor in the parking garage. Food is good, power is backed up by generator (for elevators) and staff is very helpful. Watching the bay empty out into the gulf and reading a novel.
FFC
ILT would you possibly share the events you fear developing?
In reading Sapiens - a brief history of humankind, by Noah Harari he tracks the evolution of the Homo Sapiens species of life on this planet from early hunter-gatherers, to fire discovery, to agriculture revolution, then unification of empires, religion, and finally the capitalist era, then science and technology phase of modern sapiens species on earth. In the follow up book Homo Deus he predicts the disappearance of many, if not all, homo sapiens within the "next 100 years or so" all due to the convergence of technology resulting in the species able to design our gene strands to stop disease and death, artificial intelligence to think for us, nuclear weapons that can wipe out large areas of human occupation, and climate change that makes large areas of the planet unlivable.
The book is widely hailed as one of the "need to read" published in 40 languages.