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.
I think that the brokers will say that the restored trading is being done under a new company name (BCIT2 or whatever), and that the TA will not currently issue new (valid) “BCIT2” certificates for our shares. Further, they will say that we will be able to trade as soon as the TA is willing to issue the new “BCIT2” certificates to us.
Is I am not a broker, so the above is only a guess. I suggest that you ask your broker what he would say, if you want an answer that has the potential of being worth something.
rjc
I think a simple paraphrase of the latest Megas emails would run as follows:
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
From the Latest email:
Original:
“bcit has considered various routes out of the mess it has been put in and possible solutions carry disadvantages to everyone except those that were the architects, willing or unwilling of the mess. However what each individual among the odd 1200 persons who have purchase contracts do is a matter for each individual. In the final analysis it is always better to crystallise a value and a claim sooner rather than later against those whom you consider have not been able to perform their contractural obligations. I cannot really advise you but common sense and experience suggests it is always prudent to prepare for the worst and act accordingly to safeguard an investment.”
Paraphrase:
We have been trying, but without success so far.
Even if what we had tried had worked, the 1,200 would have suffered in some way.
The 1,200 are on their own.
Claim as soon as you can (from your broker), as there might not be anything available later.
Good luck.
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
From the Sep 30 email:
Original:
“there is no bar with the transfer agent. If they send the old certificate in and it has been properly issued they will get a new one in your name. Ameritrade has never sent the old certificate to the transfer agent with a transfer request. This process can occur without the stock actually trading, all Ameritrade has to do is send in the old certificate and the transfer agent will issue a new one. It may be that the shares held for you are in the dtc depositary in which case it is up to the broker to get the shares from dtc and send them unto the transfer agent.
If they cannot do that then you must sue whoever sold you the shares to deliver them physically to you or their value as of the last traded price in the open market. If the shares are not with the dtc you must do the same.
The transfer agent will transfer shares vested through any legal certificate from one party to another party on presentation to them with a duly executed transfer form.”
Paraphrase:
Only valid share certificates can be exchanged.
Sue your broker if your broker can’t convert your shares into new certificates.
You should receive either a new, valid, share certificate, or the value of your listed shares as of the last traded price in the open market.
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
My conclusions:
We might be able to sue now, but we shouldn’t expect to see 0.15 per share. Most likely the settlement would be 0.005 per share as is published by most, or all, brokers. A bad deal.
Wait for the (legal) shares to start trading.
Sue then, for the value of your shares that are held in street name by your broker, for a settlement based on the last traded price (of the valid shares) in the open market.
The assumptions for my conclusions are that:
1) The shares will trade again.
2) The 1,200 will not be allowed to trade their shares.
3) The BCIT share price for “valid” shares will be significantly higher than any of us paid for our shares.
4) It is this significantly higher price that we will be able to demand when we sue.
rjc
Where do we find a link, any link, that shows the last "real" traded price at 15 cents?
rjc
It feels like capitulation today (or maybe capitulation over the last month or so).
Does anyone remember what capitulation is supposed to mark, or what’s supposed to follow capitulation?
rjc
A $200 trade.
rjc
At our peak this year, we were trading at .0024 and higher. That is about the point that the dilution started. Since then, the OS count has roughly tripled. Even if the company had not release the software since then, the dilution should have only dropped us to about 1/3 of that price, or to about .0008
It’s pretty clear that we’ve been looking at an overreaction over the last several months (easy to have happened as we didn’t know the OS until now), and a normal “bad news” reaction today (that so far hasn’t dropped us below even yesterday’s, or the last month’s low).
With the OS (and hopefully a program update next Monday), a fair evaluation of the company will now be possible. Don’t expect to see what the short term market evaluation really is for another week or two.
We know Drew’s evaluation, as he has chosen (in the majority) to get paid in shares. As to our own evaluation as to where the iFinix products will take us, we can make our own evaluation and choices. I would now expect a company PR to put this all into perspective, and to offer some guidance for the future.
rjc
$27k + shares it would appear. Drew’s prime motivation is now to do what he can to help the share price go up. Drew’s main compensation has been in shares, and with more than 1/4 of the compamy’s shares, he is likely the majority shareholder, and as such has the same interest in INXR share price as we do..
To accept the majority of his compensation in shares, indicates that he expects the share price to rise. That’s his commitment.
rjc
It’s back to double printing on the TOS side this morning, although the volume remains correct.
We might have to wait for the program update to be released for this one to resolve. There are two parts to what we are seeing … the data feed that iFinix receives and packages for the use of the program, and what the program does with the feed that it receives.
While we wait for a program update, we only see what the existing unchanging program does with various changes that are being made to the feed. The full answer could require us waiting for the modifications in the program to be released. We will then see how the new program handles the (modified) feed. Only with the release of the new program will all the pieces to come together.
rjc
Something new on Volumes
Starting at 14:53 today, and for the first time that I have seen on the Pinks, both the current daily volume is correct, and the individual Time Of Sales detail is not double printing ... both doing this correctly at the same time.
This must have been way down on the priority list, but now it’s done. I’m sure looking forward now to the next update. I really didn’t want to see it without this one fixed first.
rjc
Hmmmmmm. Maybe that's the way that I remember it too.
It's hard to remember what I remember.
rjc
I think that the Oct 15 short covering deadline (through the new rules) is actually not the deadline, but the date that the new rules take effect. As I recall, the covering deadline is some period (30 days?, 45 days?) after the rules take effect.
I could easily be wrong on this one, but that’s what I remember from reading about the changes quite a while ago.
It might be worth checking.
rjc
It does give that word a whole new meaning, as we do not have a deadline as the word is correctly used.
It is not clear to me why some posters say that iFinix has committed to publishing the financials by the end of the month, while what the company actually said through a PR was “The company also announced that it expects to file a complete set of financials statements with the Pink Sheets before the end of the month.”
In what way does the distortion of what was said (trying to represent an expectation as a commitment), give these posters a benefit?
rjc
Estimated Market Cap varies with share price, which is "published" daily.
The other values concerning share counts have not been revised in a long time.
rjc
That information was the most current published information as of the dates shown.
We are expecting that current information will be published soon.
rjc
I sure agree on that one. There's quite a bit that's hidden to us.
rjc
This may happen occasionally, but in the normal course of trading, I think that what’s happening is as follows:
It seems to me that the Pink feed supplied to iFinix is carrying different information than is coming in from the other exchanges.
For the “normal” exchanges, when someone sells me 100 shares, that information moves through the data feed as 1 “transaction” of 100 shares. With the pink feed, it shows as 1 “trade” of 100 shares (Seller to MM), then 1 “trade” of 100 shares (MM to me). These are the “double prints” that we are seeing.
With the earlier RealTime code, we didn’t see the double prints in the TOS, but we did see the sum of the two 100 share "trades" accumulated in the daily volume figures.
The trick is, perhaps, to handle all feeds with the same code, even though the information across the various exchange feeds varies in how they are reporting things.
It’s a problem, but a problem that can be solved; and ultimately … it will be solved.
rjc
The decimal places further off to the right can be used by the MMs even though they cannot be used by us.
The advantage in being able to see them is in knowing if there’s a MM just ahead of the best bid or ask or not, with a position that would not otherwise be visible.
rjc
.. but still with the double prints on the TOS that seems to come with it.
Of the two choices that we seem to have, I prefer the one that we're seeing now. It's easy to ignore the douple prints once you know what is happening, It's tougher to keep dividing the volumes by 2.
rjc
iFinix and the three pieces of information
To evaluate a company we need three areas covered. We need to know their financial position, (along with their current or potential sources of income). That is, we need a current financial report.
We also need to know the share structure so that any valuation that we put on the company can be expressed in a price per share.
Finally, we need a way to evaluate the timing and chances for the company to present and sell a product. For this we need confidence in the company’s ability to offer and sell an acceptable product.
As it stands, We have the financials and share structure only through older historical documents, and anecdotal information from the company. We do have a pretty good feel for the current state of the product, but we don’t have all three pieces yet.
Without a current version of all three, we don’t have the story.
I speculate that the financials (with share structure) are now ready, but that they aren’t being released until the announced program update is released, and it’s the program update that we’re really waiting on. It looks to me like the company wants us to see all three parts together.
With all three pieces in place, a reasonable evaluation can be made. With any of the three pieces missing, the quality of the evaluation drops dramatically or disappears entirely.
I’m not picturing the information being dropped on us during a trading day … requiring a quick buy/sell decision. To me, it’s more likely that the financials and share structure will arrive after market close (and preferably after a Friday market close), so that they can be evaluated in some detail before trading begins. Ideally, the updated program would be released and running for at least one day before the other two parts are released.
I don’t think that we’ll see anything until the program is either released, or is ready to be released VERY shortly after the other two parts are available.
rjc
Then perhaps I was correct when I said that "... initial patent applications are not normally published (made available on the internet) by the patent office for a period of one year."
rjc
iFinix and Patents
I have seen it asked “Where is the link to the iFinix patent?” I have read this as implying that iFinix has lied about the patent, because there is no link. I don’t reach this conclusion, so I thought that I should comment.
iFinix has never said that they have a patent, although they have said that the company “… is preparing for submission to the United States Patent and Trademark Office an application for patent protection …”
The referenced application might not have been submitted yet; but even if it has now been submitted, initial patent applications are not normally published (made available on the internet) by the patent office for a period of one year. This gives protection to the inventor, for a while, so that the original idea can be refined or expanded on and resubmitted, before the new idea is exposed for all to work with.
So what is this patentable idea? I don’t know. All we have is their comment that “iFinix has built a very valuable core expertise in the parsing, processing and routing of market data with full consideration of the complex computational demands placed on any data provider with an execution model.” It sounds, to me, like they have discovered a way to speed things up.
This doesn’t really tell us a lot, but let me offer a sample approach that fits the above description (but is not likely what they are talking about, and that isn’t likely patentable).
Suppose they recognized that it takes computers more time to deal with floating point numbers (numbers having a decimal point, like 2.07535), rather than handling integer numbers (without a decimal point, like 207535), and so decided that at the time of data receipt to multiply all received dollar values by 5 (as shown above) so that all values could be expressed as integers, even though they still contained “information” to 5 decimal positions deep. From this point on, as financial data is passed around to many different systems (Level 2, TOS, Ticker, charts, etc), it would be fast integers that are being passed rather than slow floating point numbers. Only at the display level would the values be converted back to floating point. The net effect could be an overall improvement in speed if there are enough intermediate steps required between data acquisition and data display.
I am not suggesting that this is what they are attempting to patent, but only that this is likely the processing level that their patent might be dealing with. For example, it could equally well be dealing, in some way, with passing data through multiple parallel processors. We just don’t know at this point, but we might know in about a year.
rjc
I don’t know who’s data feed is being used by iFinix, or what other already written and tested tools they might be using. It would be quite unexpected for them to have written their own data acquisition code though.
rjc
iFinix and HyperFeed
Starting last night, there has been some talk of iFinix using HyperFeed (a supplier of one or more financial data feeds). In general, the comments have said that because iFinix has been using HyperFeed and its API (Application Programming Interface), that iFinix isn’t the author of the RealTime Platform.
Here’s the way this sort of relationship works for me (I write custom programs). I am currently working on a complicated, industry specific, inventory system. Part of it requires an ability to read and print barcode. For the cost of a couple of hours of my time I can purchase a barcode add-on for my system. For me, this is a “data feed” that makes sense for me to purchase. Even though I purchase this barcode reading module, I still claim that the hundreds of hours that I have put into the inventory system allow me to say that I have written the inventory system.
If I purchase a module that allows the inventory system to send and receive emails, its API lets me see incoming subject lines only, or add attachments to outgoing mail, or etc, etc. This “data feed” of sorts doesn’t diminish my authorship of the inventory system either.
To offer conclusions that the iFinix product is diminished by using available tools, or that the use of tools means that the system has not been created by them, is at least misleading.
rjc
For Pinks, we switched back to correct daily volume, but double printing on the TOS, about 15 to 20 minutes ago.
This follows a couple of days of the "traditional" display after reaching the current display a few days ago and now returning to it.
They're still working on it.
rjc
In the early days, we saw frequent released updates to the Platform, but it appears that a decision was made to put further releases on hold until a significant package of improvements to the program was completed. This is where we are now, and yes … waiting is difficult.
The program is running (although often you must wait to start it until market open), but many of the irritants remain, and many anticipated (and announced) features are not yet released. At some point we will see the new release, but apparently not today.
rjc
The same group of MMs are currently still there that were there earlier (and in the same order, with the same bid and ask values) … as was shown in post 78490 at http://investorshub.advfn.com/boards/read_msg.asp?message_id=23032217
I'm a little too busy to keep reposting screen shots today. You'll have to trust me on this one.
rjc
The new version (that was described in the most recent PR) is not yet released. It is expected soon, but there is no official word on that yet.
The release decision is in the hands of the development team (where it belongs), not in the hands of Management.
rjc
Mine's working fine.
rjc
Another new one … speed
Previously, my iFinix RealTime response showed up a little behind the “actual” as measured by my Broker’s real time feed. My Broker’s feed shows only volume and last price (no level 2 depth) for Pinks, but it does supply me with trade timing information, as I see the changes in Volume happen. The delay that I saw in RealTime was up to about 1 minute.
Today, for the first time, the iFinix RealTime updates either match or beat my Brokers feed.
Stuff is going on, and it’s good stuff.
rjc
Another new one … speed
Previously, my iFinix RealTime response showed up a little behind the “actual” as measured by my Broker’s real time feed. My Broker’s feed shows only volume and last price (no level 2 depth) for Pinks, but it does supply me with trade timing information, as I see the changes in Volume happen. The delay that I saw in RealTime was up to about 1 minute.
Today, for the first time, the iFinix RealTime updates either match or beat my Brokers feed.
Stuff is going on, and it’s good stuff.
rjc
More on Volume ...
My chat with Customer Support a few minutes ago:
rjc: Starting this morning, the Pink Sheet current Volume total for the day is finally correct. It used to be double the correct value.
rjc: Unfortunately, the TOS is printing each Trade twice (although with a different TOS Ref number with each print). Don't change back. This is better than what we had before, but the TOS display should still be corrected.
Steven: Good Afternoon rjc. This is Steven. I am glad to help you with it.
Steven: Thank you for the feedback rjc. I will definitely forward this message to our developers.
Interesting change in the iFinix RealTime “Offer Book" this morning. The Pink volume seems to be correct!
When I first started up this morning I got a number of “Invalid Symbol” messages, so I shut it down and restarted. Since then, the Level II info has been correct, including the Volume.
rjc
Interesting change in the iFinix RealTime “Offer Book" this morning. The Pink volume seems to be correct!
When I first started up this morning I got a number of “Invalid Symbol” messages, so I shut it down and restarted. Since then, the Level II info has been correct, including the Volume.
rjc
The new RealTime version is not yet available through either the automatic download (on start-up), or from the download web site. The on-line chat people don't have any information on its availability.
I have contacted Roger at Customer Support, and he is trying to track down some information for us. When he gets back to me, I will let you know.
rjc
On the more senior exchanges, the size can represent either the number of shares offered, or the number of blocks offered (shares per block can vary with share price, and possibly by exchange). On the Pinks, the size does not necessarily mean anything at all. It seems to be published at the discretion of the Market Maker. Don’t put much or any faith in the “size” that you see on the Pinks.
rjc
These problems have been with us for a while. It is hoped that they will be addressed in the next release. As we understand it now, the next release will be a significant update, but the details are not all known.
rjc
We have had earlier reports that RealTime does work under Vista. Call Customer Support for advice.
And let us all know what the trick is to get it working for you.
rjc
Clarification of a relevant issue is always worthwhile. I'm afraid that you're stuck here! LOL
rjc
I think that savalas13 is seeing a difference between the bid/ask value in the MM depth display as being different from the current best bid/ask in the Quote bar at the top.
This problem has been with us intermittently for a while.
We are hoping that these issues are resolved in the next program release.
As I currently look at SWVC the “top” MM’s are ETRD at 0.0530 bid and SBSH at 0.0534 ask.
The Quote bar shows best bid/ask as 0.0651 / 0.0669
rjc
There was a new version if the RealTime Platform available for downloading over part of the weekend, and it showed some significant improvements. Some people, including me, did download this newer version.
Unfortunately, one or more problems were seen in the new program, so it was removed from the update site. Discussions with problem support now indicate that when it is released, that there is expected to be a matching PR describing, in part, its new features.
Those that did not download the new system over the weekend will not have seen a download of a replacement system this morning, as what is currently available is the same as what was being offered last week.
For more detail on what was available on the weekend, see posts on the iFinix technical board at http://investorshub.advfn.com/boards/board.asp?board_id=9841
starting with post http://investorshub.advfn.com/boards/read_msg.asp?message_id=22700950
and working on forward to the end.
Thanks to y0 for first noticing its availability.
rjc