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From Drudge - Scozzafava drops out of race...
http://www.politico.com/blogs/scorecard/1009/BREAKING_Scozzafava_drops_out_of_NY_23.html
JimsZ, great work! Just reviewing the "highlights" gives one the impression that this guy had a plan from the beginning; not to make his fortune in the upstate NY retail hardware/clothing business, but by using his Wall Street skills to milk mom and pop investors out of their hard earned dollars. Legal? Yes. Ethical? Hahahaha!
This reminds me of that movie clip now showing, where the offer is made to give people $1,000,000 cash with the only drawback being that somewhere in this great wide world, some hapless, faceless joe would keel over dead. My take? Tom didn't think twice...he slapped the button and took the money. For many ethically challenged, Wall Street offers a pot of gold to those who refuse to put faces and names to the people that they screw. Now the chickens are coming home to roost.
Wall Street's Naked Swindle (Great read)
The system is corrupt through and through...
"Wall Street now serves, in the words of one former investment executive, as "Lucy to America's Charlie Brown," endlessly creating new products to lure the great herd of unwitting investors into whatever tawdry greed-bubble is being spun at the moment: Come kick the football again, only this time we'll call it the Internet, real estate, oil futures. Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class."
http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle
SWVL?...swivel. Is Tom expanding into cheap furniture? And now the dreaded 'E'. This company is taking longer to die than a hammy actor in a B movie.
Hey...add my $25K to the loss total.
Don't know, but it rhymes with Vah-moose!
20,000 miles high vs. less than 1/2". Guess that makes us both pretty damn insignificant, doesn't it?
Let's put that into perspective...
After the proposed split the total of issued shares needed to cover the conversion of all KNOWN CDs will be 1,268,272,076,580 shares. If those shares were placed one on top of another (.001"/share thick), a stack 20,016 miles high would result. My shares, having been reduced now to 430 will rise to the astounding height of less than a 1/2" in comparison.
LOL...his sorry butt is in jail....IHUB jail.
Settled out of court. It's in one of the JReck Sub filings. I'm sure I could find it again, but it may take a while.
Nice find, Mav. Any indication that there is anything more than just plans?
What a story, eh folks? Have contacted various parties about Tom's new antics. Let us hope that the light of day shines upon this little nest of cockroaches.
A lawyer? I know a Watertown lawyer...
...unfortunately his name is Swartz.
http://www.swartzlawfirmpc.com/
Hey, can I just sign my shares over to Etrade?
This new split is gonna cost me more than the shares are worth. I'm down to, what, 350 shares???
I'm sure she's not opposed to a phone call. I have talked to both her and her predecessor, Rachel Hanley.(315)661-2358
I do love Tom's support for the handicapped...
He seems to have hired only the deaf, dumb and blind to do his financial footwork.
All opinions are biased. Pure objectivity is impossible.
So I lack intellectual integrity? Offering honest opinions infer that one can either be right or wrong, and what may come as a surprise to you, that would include those offered by me.
As to my character, I'll leave that defense to others.
It's not really that tough to read between the lines. See the economic pattern here? Alternative fuels are going nowhere fast. Retail is in the crapper.
Hacketts, IMO, will go belly up. Now, was that so hard, my friend?
Here's a novel way to pay off CDs
http://www.watertowndailytimes.com/article/20090113/NEWS05/301139976
...fear not! The suspect was described as only 5'7" tall and thin. I think that rules out Tom or any of the Swartz boys.
The hits (economic, that is) keep on coming...
Bion opts to suspend NNY plans for ethanol
By ELIZABETH GRAHAM
TIMES STAFF WRITER
WEDNESDAY, JANUARY 14, 2009
http://www.watertowndailytimes.com/article/20090114/NEWS05/301149961
Three Potsdam ventures closed
BUSINESS SLUMP: Toy store, twin eateries, AT&T outlet all recently departed
By ALEX JACOBS
TIMES STAFF WRITER
WEDNESDAY, JANUARY 14, 2009
http://www.watertowndailytimes.com/article/20090114/NEWS05/301149948
Gouverneur, Bay still awaiting visit by waste conversion firm
By MARTHA ELLEN
TIMES STAFF WRITER
TUESDAY, JANUARY 13, 2009
http://www.watertowndailytimes.com/article/20090113/NEWS05/301139961
Retailers report dismal December sales
http://news.yahoo.com/s/ap/20090108/ap_on_bi_ge/retail_sales
By ANNE D'INNOCENZIO, AP Retail Writer
NEW YORK – Retailers reported dismal sales figures for December on Thursday as even Wal-Mart Stores Inc., one of the bright spots in the industry, finally buckled under the pressures of the deteriorating economy.
As the figures confirmed fears that the holiday season was the weakest in four decades, the malaise cut through practically all areas from kitchen gadget stores to jewelry purveyors and teen apparel retailers.
The deep discounts that began well before the official start of the holiday season spurred a number of merchants to cut their earnings outlooks, fueling more concerns about the health of the industry.
Among the many retailers that reported steep sales declines were Sears Holdings Corp., which operates Kmart and Sears stores, luxury retailer Saks Inc. and Gap Inc. But the biggest surprise came from Wal-Mart, the world's largest retailer, which posted a smaller sales gain than what Wall Street expected and cut its fourth-quarter earnings outlook.
"This suggests that the lower income group is feeling the pinch more than we thought and this is clearly reflected in the lower-than-expected numbers at Wal-Mart," said Ken Perkins, president of research company RetailMetrics LLC. "I think it says the economy is in more dire straits than we thought."
Wal-Mart, blaming the weak economy and severe winter conditions, said that same-store sales, or sales at stores opened at least a year, rose 1.2 percent. Excluding the impact of declining gasoline prices at the pump, the gain was 1.7 percent. Analysts surveyed by Thomson Reuters had expected a 2.8 percent increase, excluding fuel.
"The current economy remains challenging for all businesses, and retailers have already seen customers pull back on discretionary spending," Wal-Mart's Chief Financial Officer Tom Schoewe said in a statement. "Consumers are very focused on value and necessities."
Wal-Mart noted that health and wellness items were the categories that primarily fueled sales. Electronics sales were solid, while the apparel and jewelry business was weak.
Given the disappointing sales and higher-than-anticipated expenses, Wal-Mart said it now expects to earn 91 cents to 94 cents per share in the fourth quarter from continuing operations. That's down from its previous projected range of $1.03 per share to $1.07 per share. Analysts surveyed by Thomson Reuters expected $1.06 per share.
Discount rival Target Corp., which has been stumbling because its merchandise focuses more on nonessentials like trendy clothes, announced a 4.1 percent decline in same-store sales, better than the 9.1 percent drop that Wall Street analysts predicted.
Meanwhile, Costco Wholesale Corp. reported a 4 percent decline in same-store sales, but excluding the impact of lower gas prices and currency fluctuations, it actually posted a 4 percent gain. Lower gas prices are good for consumers, but reduce the sales volume for retailers like Costco.
Among department stores, Sears Holdings said its December same-store sales dropped 7.3 percent, weighed down by a 12.8 percent drop at domestic Sears stores. The company, whose brands include Kenmore and Craftsman, said Kmart same-store sales fell 1.1 percent.
Macy's Inc. reported that same-store sales fell 4 percent in December, less than the 5.3 percent decline that analysts had expected. For the combined November-December period, same-store sales were down 7.5 percent. But the department store chain cut its fourth-quarter and full-year earnings outlook due to heavy markdowns and announced plans to close 11 underperforming stores. The chain operates more than 840 Macy's stores.
J.C. Penney Co.'s same-store sales within its department store division fell 8.1 percent, better than the 10.3 percent decline analysts had expected.
But luxury stores fared far worse as affluent shoppers sharply cut back on buying Gucci handbags and other status goods, spooked by the financial meltdown that led to massive layoffs on Wall Street and shrinking investment portfolios. Saks Inc. posted a 19.8 percent drop for the month, worse than the 10 percent decline Wall Street expected. Neiman Marcus Group Inc. suffered a 27.5 percent decline in same-store sales.
Limited Brands Inc. posted a 10 percent drop, larger than the 7.8 percent decline analysts predicted. The company also lowered its fourth-quarter earnings outlook.
Gap Inc. suffered a 14 percent drop in same-store sales, worse than the 9.3 percent decline that analysts had expected. It also cut its earnings outlook.
"Customers waited until late in the month to shop and we faced a highly competitive promotional environment," said Gap's Chief Financial Officer Sabrina Simmons.
Teen apparel retailers also suffered through a miserable holiday season. Wet Seal Inc. reported a 12.5 percent decline, larger than the 11.9 percent analysts expected, as its Arden B chain dragged down results. Abercrombie & Fitch Co. reported a 24 percent drop, in line with the 23.5 percent drop analysts had forecast.
Kitchen gadget chain Williams-Sonoma Inc., which didn't break out December figures, said its same-store sales dropped more than 24 percent for the eight-week period ended Dec. 28 and warned its fourth-quarter profit will likely come in at the low end of expectations.
OK guys, the gig is up...we've been caught red-handed.
Excerpt from 1/4/09 Watertown Daily business column:
http://www.watertowndailytimes.com/article/20090104/COL08/301049982/-1/COL08
"...If you have money in a local bank or brokerage, it is probably safe where it is. It is certainly safer than at many of the high-flying Wall Street firms that have gotten so much press coverage in the last few months.
While Bernie Madoff didn't have a Watertown office, we do occasionally have some financial scandals of our own.
Anyone who got financing from the Jefferson National Bank in the 1990s or bought stock in other ill-fated regional attempts to raise money on over-the-counter (OTC) public offerings will understand what it feels like. We are not immune from criminality or just bad judgment and bad luck in the business world...."
_________________________________________________
Geez...I wonder....hmmmmmmmmmmm....sound familiar? I wonder if there is a story there?
Thanks Soapy for posting that 8K front and center. Before, we had to scramble through post after post looking for the important stuff. Good job!
Let me continue about the threat...
The original threat was the result of a mistake I made in tying her to the management of the company in a public letter. Technically, she had every right to defend her good name, and she did so. If it was me, I probably would have done the same. As you can tell in my first response to you, I was being a bit facetious about Dede's involvement in this whole fiasco because it is truly hard to believe she doesn't know anything that is going on; especially knowing that she is the sister of our CEO, and used to be a Wisebuys officer. But the reality is that she has no LEGAL ties to the company, period, so I think that pursuing her is a complete waste of time and energy, and if I am not mistaken, could be interpreted as harassment if push came to shove.
Now, Tom, on the other hand, is a completely different story.
That would be in Spain...
http://en.wikipedia.org/wiki/Tomatina
Hey, Viva...ain't this soap opera grand?
After getting threatened with a lawsuit by Mr. Clean several months ago, I've got nothing bad to say about Tom....or Dede for that matter (you know....the sister who is NOT an officer of the company, nor is in any way, shape or form, involved in the management of SWVY or it's operations...although she did hold a management position in Wisebuys, but most likely never ever talks to her brother about how things are going at Wisebuys/Seaway/Hacketts/North Country Hospitality/American Learning Centers, but is only a PASSIVE investor in our beloved company). Yes...I'm going straight man,...just sticking with the facts, like Detective Joe Friday. Unfortunately, the facts about Tom's business associates paint an uglier picture than almost any fabrication that any of us could have put together. Notice how our 'man with a plan' protects his reputation by conducting business with only the finest upstanding people in the national business community....like Donald Platten?
Is the time bomb ticking for this retailer?
Holiday Sales Drop to Force Bankruptcies, Closings
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGQ__icNMvzI&refer=worldwide
By Heather Burke
Dec. 29 (Bloomberg) -- U.S. retailers face a wave of store closings, bankruptcies and takeovers starting next month as holiday sales are shaping up to be the worst in 40 years.
Retailers may close 73,000 stores in the first half of 2009, according to the International Council of Shopping Centers. Talbots Inc. and Sears Holdings Corp. are among chains shuttering underperforming locations.
More than a dozen retailers, including Circuit City Stores Inc., Linens ‘n Things Inc., Sharper Image Corp. and Steve & Barry’s LLC, have sought bankruptcy protection this year as the credit squeeze and recession drained sales. Investors will start seeing a wide variety of chains seeking bankruptcy protection in February when they file financial reports, said Burt Flickinger.
“You’ll see department stores, specialty stores, discount stores, grocery stores, drugstores, major chains either multi- regionally or nationally go out,” Flickinger, managing director of Strategic Resource Group, a retail-industry consulting firm in New York, said today in a Bloomberg Radio interview. “There are a number that are real causes for concern.”
Sales at stores open at least a year probably dropped as much as 2 percent in November and December, the ICSC said last week, more than the previously projected 1 percent decline. That would be the largest drop since at least 1969, when the New York-based trade group started tracking data. Gap Inc. and Macy’s Inc. are among retailers that will report December results on Jan. 8.
Women’s Clothing, Electronics
Consumers spent at least 20 percent less on women’s clothing, electronics and jewelry during November and December, according to data from SpendingPulse.
Retail Metrics Inc.’s December comparable-store sales index will drop an estimated 1.2 percent, or 5 percent excluding Wal- Mart Stores Inc. Retailers’ fourth-quarter earnings may fall 19 percent on average, the seventh consecutive quarterly decline, according to Ken Perkins, president of Retail Metrics, a Swampscott, Massachusetts-based consulting firm.
Probably 50,000 stores could close without any effect on consumer choice, Gregory Segall, a managing partner at buyout firm Versa Capital Management Inc., said this month during a panel discussion held at Bloomberg LP’s New York offices. Only retailers with healthy balance sheets will survive the recession, according to Matthew Katz, a managing director at consulting firm AlixPartners LLP.
Store Closings
The ICSC predicts, using U.S. Bureau of Labor Statistics data, that 148,000 stores will shut down in 2008. That would be the largest number since 151,000 closings in 2001, during the last recession, according to ICSC Chief Economist Michael Niemira. The total number of retail establishments will decline by about 3 percent this year, also taking into account locations that were opened, he said. The U.S. had 1.11 million retail locations in 2002.
Another 73,000 locations may shut their doors in the first part of 2009, Niemira said.
The U.S. economy shrank in the third quarter at a 0.5 percent annual pace, the worst since 2001, according to the Commerce Department. Economists surveyed by Bloomberg in the first week of December forecast the world’s largest economy will contract through the first half of 2009.
The Standard & Poor’s 500 Retailing Index has shed 34 percent this year, with only two of its 27 companies rising.
The index doesn’t include Wal-Mart, the world’s largest retailer, which fell 24 cents to $55.11 at 4:02 p.m. in New York Stock Exchange composite trading. Wal-Mart shares have gained 18 percent this year.
Discount Advantage
“If you’re going to be in retail right now, the discount space is where you want to be,” Patrick McKeever, a senior equity analyst at MKM Partners LLC, said today in a Bloomberg Television interview.
Discounts of 70 percent or more by Macy’s, AnnTaylor Stores Inc. and other retailers failed to prevent a spending drop of as much as 4 percent during the final two months of the year, according to data from SpendingPulse. Retailers’ pricing models are being challenged by consumers, according to Richard Hastings, consumer strategist at Global Hunter Securities LLC of Newport Beach, California.
“The whole pricing system is becoming an old-fashioned bazaar,” Hastings said today in a telephone interview. “They’re going into the stores and they’re looking at the stuff and they’re saying ‘You know what? I know that that price is way too high,’ and they have figured out that the signage doesn’t mean that much.”
Retail bankruptcies may help the industry in the long run, according to Flickinger.
“We’ll be going from a Dickens-esque worst of times this December to the best of times in future Decembers because we’ll rationalize out all the redundant retailers and retail space in shopping centers,” Flickinger said.
To contact the reporter on this story: Heather Burke in New York at hburke2@bloomberg.net.
Last Updated: December 29, 2008 16:17 EST
I got a Spongetech flyer in the U.S. mail a day or two ago. Threw it away...Was that a mistake?
LB...it's the association that stinks. Of all the shells he happens to buy, he picks ALRN. Why not any of the thousands of others that I'm sure are available? No, he buys a shell from a crook. What kind of lawyers does Tom have working for him anyway that they would miss Platten. No...don't answer that...we already know the track record of his legal team.
Grand jury indicts defendant Donald Platten
Here's a heartwarming Christmas story...
BOCA RATON MAN INDICTED IN SECURITIES AND TAX FRAUD CASE
http://www.usdoj.gov/usao/fls/PressReleases/081215-02.html
December 15, 2008
FOR IMMEDIATE RELEASE
R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Betty N. Stewart, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation, announced that a federal grand jury in Fort Lauderdale, FL, indicted defendant Donald Platten on 17 charges of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud and impeding the internal revenue laws.
According to the indictment, which was returned on December 11, 2008, Platten, of Boca Raton, FL, was the president of Harvard Learning Centers, Inc., a Florida corporation also located in Boca Raton. Harvard Learning changed its name several times and claimed to be involved in several different business ventures. From 2004 to 2007, Platten caused Harvard Learning to issue stock to his wife, his sister, his ex-sister-in-law and his limousine driver, supposedly as repayment of promissory notes, even though Platten knew that the promissory notes were fraudulent and the company did not owe these individuals the money reflected on the promissory notes. In this manner, Platten caused Harvard Learning to issue stock to repay his own obligations and to enrich himself, his relatives, and others. Platten also caused a subsidiary of Harvard Learning to pay the personal expenses of himself, his wife, his mother, his sister, and his teenage son.
Platten failed to file corporate federal tax returns for Harvard Learning for the years 2004 through 2007 and failed to file his personal federal tax returns for the years 2004, 2005 and 2007. For the year 2006, Platten failed to report on his personal tax return the income that he received as a result of Harvard Learning’s stock issuances and payment of his personal expenses.
Finally, to conceal his ownership of a house in Boca Raton, Florida, Platten caused his limousine driver to purchase the house and obtain a mortgage by providing false information about his income and assets. The day after he purchased the house, Platten caused his limousine driver to execute a quit claim deed transferring his interest in the property to Platten’s wife.
If convicted, Platten faces a maximum of 10 years imprisonment on the conspiracy charges, 280 years imprisonment on the securities fraud, and 3 years imprisonment on the tax charges.
Mr. Acosta commended the efforts of the Internal Revenue Service Criminal Investigation and the Food and Drug Administration Office of Criminal Investigations. The case is being prosecuted by Trial Attorneys Kenneth C. Vert and Steven D. Grimberg, Department of Justice, Tax Division.
An indictment is merely an accusation and defendants are presumed innocent unless and until proven guilty.
A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.
Technical comments about this website can be e-mailed to the Webmaster. PLEASE NOTE: The United States Attorney's Office does not respond to non-technical inquiries made to this website. If you wish to make a request for information, you may contact our office at 305-961-9001, or you may send a written inquiry to the United States Attorney's Office, Southern District of Florida, 99 NE 4th Street, Miami, Fl. 33132.
Merry Christmas to you, bbb!!! Forget about Tom for a day, and enjoy being with family and friends! Remember to go easy on the glühwein!
Geez, some guy spends $250 and gets the same number of shares that cost me $25K......hmmmm.....ain't life grand!!!
Merry Christmas, Tom!!! Wishing you all the best in this holiday season, and hoping you have a great New Year!!
3 buys totaling 500,000 shares
Is someone actually trading this thing?...22,800 shares worth.
Hope; a wonderful human trait...Unfortunately, it creates an environment that allows penny stock promoters to continue to scam the average investor.
...no more silly beer PRs from Tom, unless Hacketts start putting it on the shelves.
Hey...good start for Hacketts, eh Soapster?
Care to elaborate on why someone on this board may have known about the Hacketts spin-off before it became public knowledge?
Yep...a legalized shell game.