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That policy of theirs doesn't apply in this case. That applies when you buy a stock and it's value tanks. You are responsible for that loss. However, in this case, we have counterfeit shares. The broker is there to facilitate the buying and selling of shares and to ensure that we get what we paid for. If they're holding counterfeit shares, it's their responsibility to go find real shares for us, as they do the safekeeping of the certificates. Granted, E*Trade may be able to pass the buck onto the MMs in giving them real shares, but E*Trade is responsible to its customers to give them the shares that they purchased. We're responsible for the stocks we buy and sell, but the brokers are responsible for delivering those shares to us.
Great to hear, Serfdom! Thanks for all of your work for "the little guy".
Let me get this straight, Ameritrade has graciously offered to take all of your BCIT shares off of your hands for the grand total of $1 minus the commission cost, leaving you in the hole! Aren't they generous!
Got a similar response from Cindy. I asked her to confirm the share structure that she sent you. This is what she said:
"Yes, as far as we are showing in our system, they are still the numbers."
It was a gapper TODAY! LOL
One thing you've got to realize is that, while BCIT is important to Megas, it is not his only concern. He has a $60 million plus real estate business to operate. Being in real estate, I think he also knows that these things take time to resolve, so, he's probably not worried about a 75% drop in price in an unfair market. jmo
FWIW, e-mail from T/A:
Me: Are these numbers still true regarding BCIT?
Official Share Structure:
Authorized: 25,000,000
Outstanding: 4,030,078
Restricted: 2,932,446
Float: 1,097,632
Cindy: Yes, as far as we are showing as of today.
Cindy Sylvester
500 E Warm Springs Road, Suite 240
Las Vegas, NV. 89119
(702) 361-3033
(702) 433-1979 fax
cindy@pacificstocktransfer.com
Hmmm...wonder what this meeting could be about. :)
I agree. I think the suspension is good news. That is, as long as the buy in requirement is reinstated once the PR comes out.
How convenient!
Where is Lance? Maybe he can shed some light on what's going on. lol
Is that a buy order?
Fringe, I remember a few weeks ago that you said that this would get real ugly on the boards. You got that right!
Exactly! eom
I doubt the brokerages will say anything about trading BCIT until tomorrow. Those people they have answering the phones are generally clueless.
I agree! Let's hope Megas pulls off something like this.
Thanks, fringe.
Yes, but I don't think we'll know if it's pinks or greys until Thursday morning. I don't trust that info while trading is suspended.
I can't believe this board is still number 1 with no trading for the last almost two weeks. Shows we're going to have A LOT of action on the 15th if we have market makers.
I think the chapter 11 story from AT may come from March Indy going bankrupt, and no filings being made by Megas since then. I know it's still a bunch of bull, but that might be their argument. Anything they can come up with to bring us down and keep from losing money on this, they'll do.
As long as the money is green, I don't care what color the sheet is!
Good to know I'm not the only one who thinks so.
Once an MM files a form to make a market in the stock again, it goes to pinks. If one does so before market open on the 15th, it opens on the pinks. If not, it opens on the greys. Personally, I think we'll open pink, but that's just my opinion.
Yes, the SEC can only suspend a stock for 10 trading days, unless they find another reason for suspension, and I don't think there's anything new in this case. We may be trading on the greys, hence, the stock won't be that liquid. But, trading should resume on the 15th.
I e-mailed Megas yesterday, asking if he would be issuing a PR before the suspension is lifted on the 15th. His reply was, "we are endeavouring to do so."
ART, do you know if Megas plans to issue a PR before market open on the 15th?
Grey is pink minus the market makers. So, few buys and sells are matched up, because they have to be exact matches to execute.
Yeah, that's when Art had a bunch of diamonds on the top of this page. Of course, that's what we all thought at the time. Who would have thought it would turn out like this!
I take it this means you're not forking over 40gs for the 2 million shares this morning. :)
Great post, Fringe, as always! I believe this stock has A LOT more upside to it over the coming weeks. It's good to see your technical analysis to help justify that.
Great post, Fringe! I saw your prediction before the week started that it would hit a low of .0047 and a high of .013. You were almost dead on. I doubt anybody was any closer. Because of your great analysis and straight forward posts, you have earned my respect and others on here, too, I'm sure.
Keep up the good work!
I think the fact that we're up almost 20% on little volume is telling.
Thanks for all your work on this. You help all of us out!
It never hit .0047 again. You think it's going up from here--not back to the gap at .0047?
Yes, they were closed. But, they still need to cover eventually. I'm just wondering if they've covered any through other MMs. My guess is that the price has gone up in the last week through speculative buyers, instead of covering.
Looks like SCAM has not covered any shares yet, even through other MMs. Probably waiting to be forced to do so. Any thoughts?