Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The NASD regulating the market is like the fox guarding the hen house. What a joke.
We should write our senators and congressmen. They swing a lot of weight with government agencies. If you write you will get a response from them. Every letter from a constituent equals 10,000 votes in the congressmen's minds.
SIL
I saw SIL last Saturday afternoon in Houston (the fourth largest city in the US). SIL has absolutely no advertising here. Its only playing at one theater and there were only 25 people in the theater. The movie lived up to its reputation with great scenery.
WHP03,
Most VC investments would be structured to wipe out the existing shareholders.
Ivan Berkowitz is a joke !! IMO
Immit, Yes, it is a pain to recall certificates. However, if NVEI is going to the expense and effort to change its name and issue new certificates, etc., why not use the opportunity to inflict some pain on the MM's. They have been screwing us for years.
Re: NVEI Name Change
With the transition plan to a new name, logo, stock certificates, etc, would this not require a recall all stock certificates which could create a short squeeze ? The MM's would have to cover their short positions to get the new certificates creating buying pressure.
Paper Wizard
Please email me at cwc@merichem.com
Spanky
Another letter to the SEC
Address
July 24, 2000
Senator Kay Bailey Hutchison
284 Russell Senate Office Building
Washington, D.C. 20510
Subject: Requesting an investigation of short sales in the-OTCBB.(Release No.34-42037; File No. S7-24-99).
Dear Senator Hutchison:
I am writing you this letter to request that you investigate the SEC oversight of the National Security Dealers Association and the Market Makers (MMs) of Over-The- Counter Bulletin Board (OTCBB) Stocks as it relates to the practice of shorting and naked shorting. It is known that the lifeblood of a small company is access to capital for creation and growth. It is also known that investors who place funds in such companies expect and deserve protection from fraud and manipulation. Small business is a critical building block for jobs and wealth in our economy; MMs have steadily been selling more shares than they have bought, defying the laws of supply and demand, solid company fundamentals and favorable company press releases, resulting in plummeting stock prices. The laws of supply and demand have been denied and investors deprived of fair value. Meanwhile, the company valuation of stock has been greatly reduced and with it, accesses to investment capital for acquisitions and growth. The MMs are supposed to provide a fair market trading mechanism, yet, when they become invested through shorting, they actually have a vested interest in seeing the price fall. This practice must be brought under some form of control
The- Securities Act provides certain protective language as it relates to investors. Section 15A(b)(6) of the Securities Act, says that the rules of a national securities association must be designed, among other things to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest, and perfect the mechanism of a free and open-market. Section 15A(b)(1l) requires that association rules be designed to produce fair and information quotations, and to prevent fictitious and misleading quotations. In spite of the intent expressed by these two sections of the Securities Act, and unlike the NASDAQ, NYSE and AMEX, MMs are not required by the SEC to disclose short positions on OTCBB stocks. The MMs can short, even naked short, at will with no checks and balances on OTCBB stocks. This leaves the OTCBB listed companies prey to market manipulation on a scale only limited by the greed and imagination of the MMs. The MMs just keep selling the targeted companies stocks with the idea that they will never have to produce real shares. Their apparent goal is to force the company to fail by depriving it of working capital and discouraging investment. It is my belief billions of dollars are being stolen from investors in this manner. For the MMs, it's a wonderful business; sort of like selling insurance, but never having to pay claims. They get the money, but have no expense or expectation of delivering anything tangible in return. Yet the SEC and NASD seem to look the other way while this unfair and counter productive practice goes on.
My request of you is a simple one. Demand that the MMs are held accountable by making the SEC require mandatory disclosure of MM short positions on all OTCBB listed stocks, proposed under Concept Release No.34-42037; File No. S7-24-99. In this manner, excessive shorting can be made known to the investing public, monitored for excess and corrected by the SEC/NASD. Then and only then can investors in these stocks be treated with the appropriate protection against fraud and manipulation. Thank you in advance for any help you can provide in correcting this injustice.
Yours truly,
Name
Investor
Letter to the SEC
Address Date
Subject: RE: File No. 57-24-99.
Mr. Jonathan G. Katz
Secretary, Securities and Exchange Commission
450 Fifth Street, N.W.
Washington,. D.C. 20549-0609
RE: Unregulated Short Sales by OTCBB Market Makers
Dear Mr. Katz:
I urge you to consider regulating short sales by OTCBB Market Makers.
At present, OTCBB Market Makers have no reporting requirements whatsoever concerning short sales. Short selling serves many useful purposes in keeping our financial markets in check. However, if it is unregulated it can be subject to massive abuse.
I believe that the values of all OTCBB companies are controlled by the market makers. Because the present rules allow them to naked short a security with no reporting requirement, the market makers can continue to short a security indefinitely, essentially betting that they can outlast private investors. If the market maker succeeds in “beating the will" out of private investors, the market maker never has its short position.
I am an active trader and I have seen countless abuses by the market makers. Activities which should be criminal are commonplace. I have seen companies report blockbuster earnings and news only to have its share price decline. I have reviewed numerous time and sales reports and have seen day after day of investors buying shares of a security and the price of the security drop lower and lower.
There is no justifiable reason to allow OTCBB market makers to continue to short sell without regulation. There should be reporting requirements as to how many shares each market maker is short and limits should be set so that a market maker cannot continue to short millions upon millions of naked shares.
Please keep me informed as to the status of any proposed regulations.
Very truly yours,
Name
Investor
Cosmoworld,
If you can't be bothered to write letters to the SEC or your congressmen, you probably deserve to get mistreated by the MM's
Spanky
Since the SEC won't do anything about naked shorting, maybe we should try the NY Attorney General. The following are his mailing addresses:
NY Attorney General
The Capitol
Albany, NY 12224-0341
518-474-7330
120 Broadway
New York, NY 10271
212-416-8000
Another open letter to the SEC
Harvey L. Pitt, Chairman
Cynthia A. Glassman, Commissioner
Harvey J. Goldschmid, Commissioner
Paul S. Atkins, Commissioner
Roel C. Campos, Commissioner
Securities and Exchange Commission
Headquarters
450 Fifth Street, NW
Washington, DC 20549
(202) 942-7040
Re: Short Selling and the new BBX Exchange
Dear Mr. Chairman and honorable Commissioners:
This is a plea for a major change for the new BBX Exchange only.
Please! Stop the practice of all short selling via the new BBX Exchange.
Based on the recent arrests of known stock scammers, the huge American-Canadian broker-dealer sting operation, repetitive citing and fines against Market Makers like NITE, and the general knowledge that manipulative naked shorting of mini-MicroCap companies is the mechanism of the rape of the capital market for small developing companies, can't you simply do away with the practice of short selling on the new BBX?
If someone wants to buy Brachs Lemon Drops, they have to go to the store, pay their money, and subsequently enjoy their purchase. If they don't like Brachs Lemon Drops then they don't buy any. But, they absolutely cannot borrow Brachs Lemon Drops from the store, go out and "..bash,," the product in public, and then show up and expect the store to buy back their lemon drops AT RETAIL once they've damaged the market.
There is no rocket science involved in the naked shorting of struggling companies by financiers who have negotiated (floorless or other) Convertible Debentures with small, desperate firms. They then go out and sell short to decimate the company's share price - thus receiving more convertible shares at the conversion. They also profit from their shorting by killing the companies they had purported to try and help.
If this practice was done in the nation's housing market, the people would be rallying in the capital mall, carrying guns, and demanding the over-throw of the Government. Why do we think we need it in the BBX market? Like drugs for children, when it comes to the new BBX Exchange, why can't you "...JUST SAY - NO..." to the practice of short selling in any form?
Please! Stop the practice of all short selling via the new BBX Exchange.
The BBX (formerly OTCBB) and the Pink Sheets are where capital for small, innovative, new technology businesses is supposed to come from. If these scummy, scammy, manipulative, offshore and Manipulative Market Maker shorting practices continue, that capital is simply siphoned off by crooks and most likely transferred to accounts in Switzerland and the Islands.
Please! Stop the practice of all short selling via the new BBX Exchange.
Requiring the reporting of BBX short positions by Market Makers once a month is just not enough of a change. That gives them 29 or 30 days to continue raping and wreaking havoc in the nation's most vulnerable market. The business failure and bankruptcy rates certainly bear this situation out.
If someone wants to invest in a BBX company, let them buy shares in the open market place. If they don't want to invest, let them abstain. Or, they can sell the shares they own - if they are disgruntled with a company.
The bogus and worn out argument about ‘..no shorting..' will affect liquidity is garbage..!! Those of us who invest in MicroCap and mini-MicroCap companies provide the liquidity, not these practitioners of Smoke & Mirrors (naked) shorting policies. It is the scurrilous and damnable thieves and cheats in the market place that remove the market's liquidity.
Please! Stop the practice of all short selling via the new BBX Exchange.
Respectfully,
Open letter to the SEC
Address
July 27, 2000
Subject: RE: File No. 57-24-99.
Mr. Jonathan G. Katz
Secretary, Securities and Exchange Commission
450 Fifth Street, N.W.
Washington,. D.C. 20549-0609
RE: Unregulated Short Sales by OTCBB Market Makers
Dear Mr. Katz:
I urge you to consider regulating short sales by OTCBB Market Makers.
At present, OTCBB Market Makers have no reporting requirements whatsoever concerning short sales. Short selling serves many useful purposes in keeping our financial markets in check. However, if it is unregulated it can be subject to massive abuse.
I believe that the values of all OTCBB companies are controlled by the market makers. Because the present rules allow them to naked short a security with no reporting requirement, the market makers can continue to short a security indefinitely, essentially betting that they can outlast private investors. If the market maker succeeds in “beating the will" out of private investors, the market maker never has its short position.
I am an active trader and I have seen countless abuses by the market makers. Activities which should be criminal are commonplace. I have seen companies report blockbuster earnings and news only to have its share price decline. I have reviewed numerous time and sales reports and have seen day after day of investors buying shares of a security and the price of the security drop lower and lower.
There is no justifiable reason to allow OTCBB market makers to continue to short sell without regulation. There should be reporting requirements as to how many shares each market maker is short and limits should be set so that a market maker cannot continue to short millions upon millions of naked shares.
Please keep me informed as to the status of any proposed regulations.
Very truly yours,
Name
Investor
NT,
Your email box is full. Please email me at cwc@merichem.com.
Yesterday's CES Isn't anyone going to give us an update please ? How did breakfast with BK go ? 34 ?
Worst case assuming NVEI management could not get the job done (development, funding, etc.)is we sell out to a Cisco at a rock bottom price of $5-$10.
doughjo,
The OTCBB is the most crooked exchange that exists and the SEC doesn't give a damn. It's really criminal what goes on here. The MMM's have done more harm to NVEI than anyone can imagine. Getting off of the OTCBB should be a top priority for NVEI in the future.
Is the chat room down ?
Brady,
I concur and are planing to vote against JH as a director on my proxy as a mild protest as to how we have been treated. I would recommend others to do the same. Maybe some one would get the hint.
My exact sentiments. We will be looking for a new board in the near future. This board is starting to look a lot like RB.
RE: NVEI Patents
I thought pattent applications were confidential until the patents are granted. Any body have any insight ?
34
Don't be so hard on your self. We all hear information, rumors most of which aren't true.
tommaccarty,
You are amazing. No mattter what happens to a stock price, you can rationalize what happens with your charts. What BS !!
Excel,
How could a big company like BT make an announcement like this without having a licensing agreement in place ? No one in their right mind would make that statement based on the come. Please comment.
Excel,
Please elaborate on your post. If BT is going to use NVEI's technology, we are in the chips. If some other technology is unveiled by BT, it would be of major concern to NVEI shareholders. What's your guess ?
Excel, Hitmer
Should we not be reasonable in our expectations of NVEI's success and stock appreciation ? IMHO, I don't see this as a get rich quick proposition. 24 months is probably more realistic. What do you think ? Ray and John have done a poor job of managing peoples expectations. The word "soon" should be banned from the English language.
I hope you are right. I along with a lot of other people are getting tired of waiting. Ray and John have done a very poor job of managing peoples expectations.