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After looking at the rules, I can clearly see what I may have done wrong. I always assumed because I have this account through my bank and I can transfer money from my savings to my Investment account. The broker could also take from my savings and move it into my investment account. The broker said he can't do that without written permission. The links here make it clear what can and cannot be done. I would assume it would be the same for the company I deal with.
Here is an example of using unsettled funds in your cash account, which would cause a good faith violation to be issued.
- starting cash balance is $0
- 05/31/05 Sell 100 XYZ for $1000 (settles 6/3/05)
- cash balance $1000
- 06/01/05 Buy 100 ABC for $1000. You are not supposed to sell this stock until on or after 6/3/05 (when the sale of XYZ settles).
- 06/02/05 Sell 100 ABC (Good Faith Violation issued)
If you sell a particular stock today, you are not supposed to buy the same stock back the same day using the proceeds from the previous sale. Here is example of an intra-day cash trade of the same stock, which would cause a good faith violation to be issued:
- starting cash balance is $0
- 05/31/05 10:00AM Sell 100 XYZ for $1100 (settles 6/3/05)
- cash balance $1100
- 05/31/05 12:30PM Buy 100 XYZ for $900 (Good faith violation issed. It does not matter that the sell occurred first)
http://www.tradingdirect.com/Static/Help/tradingrules.html
rule change:
http://www.tradingdirect.com/Static/Help/cashtrading_completerule.pdf
Missed out on AHR this week, tried to buy it at $8.65 on Wed. It closed at that my order didn't go through. Tried to buy it at $8.63 on Thursday, missed again. I always try to buy a stock below what I sold it for to lock in a profit. Not a good week for me. Tried to buy SWVC at .0085 reached it Wed. but order not complete...stock doubled by Fri. Tried to buy ERFW at .70 on Wed again opened at .68 and still missed out closed at $1.01 Fri. Trading eght with a 3-5 cent spread has been good for me. Got a call from my broker last week telling me I was not playing fair and what I was doing was illegal and he would suspend me if I should continue doing it again. Trading before my funds are settled. Told me I should open a margin account. I told him he has access to my bank account. He claims he doesn't. Told him I didn't know, been doing it for awhile, no one ever complained.
Never knew it was illegal if the money is there.
Justfrank, One has to question the decision to terminate Joe M from Globetel while Khoery knew all along it could cause problems with the NMC joint venture. Shareholders would like to see flawless execution to increase value, not this kind of a mess.
Look at it this way, if someone managed to get you a major contract with their inside contacts who then became a member of the BOD of the newly formed company, would you fire him from your company? Without a solid explanation from Khoery it makes no sense to me. Hate to see this go like Russia and Germany. If it does someone should pay and it shouldn't be the shareholders.....again.
As Mide said: ).1 Our board members on the junior side of the equation were 2 of 5. Peter K and Joe M.
2). The "manager", Mr. G., (full name provided by IR at request), and his family, who are dear friends of Joe M., have been in charge of our entire JV roll-out.
Looks to me like Joe M is the key guy for Globetel in the NMC partnership.
The best and easy solution to the problem would be to get rid of Khoury and replace him with Joe M.
But then you still got Khoury as a BOD of NMC.
What a mess!
2) "More competitive company"? How have they become more competitive? Can anyone name a company they are actually "competitive" with?
Answer:
They are outperforming this "wireless company" Seth was more on target with this one then Globetel. Both showed competitive resistance to Seth's comments at the same time. Globetel managed to do better.
This is not a bash, a fact.
http://finance.yahoo.com/q?s=PGSW.OB
Hedge finds were lenders in the past not partners.
Until and if they come clean with the SEC, I never thought nor have they ever proven to be a legitimate company.
Cole: "why can't GlobeTel find a lender?"
This could answer that question:
24. Will the pendency of the SEC enforcement action prevent the company from proceeding with the sale of securities to the public?
The SEC Division of Corporation Finance will typically permit regaistration statement to go effective even though the SEC Division of Enforcement is conducting an investigation. Before taking affirmative action (such as accelerating the effective date of a registration statement) the Division of Corporation Finance will ask a company to provide a Tandy letter. In the Tandy letter, a Company will represent that
the disclosure in the filing is the company’s responsibility;
the company acknowledges that the SEC’s action does not relieve the company from its responsibility for the disclosure in the filing; and
if the SEC takes action, the company will not assert this action as a defense in any proceeding initiated by the SEC or any person under the federal securities laws.
If, however, the SEC believes that the registration statement is materially misleading, the Commission can institute administrative proceedings to issue a stop order suspending the effectiveness of the registration statement.
Companies should hesitate to proceed with a securities offering in the midst of an SEC investigation regarding the company’s accounting or other disclosures. If the investigation results in an enforcement action or restatement, there will likely be litigation pursuant to Sections 11 and 23 of the Securities Act if the price of the securities declined compared to the offering price. The company, its senior officers (including its CFO and principal accounting officers) are likely to be named as defendants in this litigation., In addition, as a practical matter, underwriters sometimes hesitate to proceed with a public offering if the Enforcement Division is actively conducting an investigation.
http://www.abanet.org/buslaw/corporateresponsibility/clearinghouse/02annual/28/about_sec.pdf
Crashtest, I cannot provide any proof they DON'T. I wasn't the one who made this statement.
"U.S. Navy wants Sanswire's airships at the Trident 2008 trials and Elisra is working with them regarding the airships."
I cannot even provide proof that Globetel or Warren Buffett will be around next year. That is one of the reasons I don't make statements like the above. No one on this board can prove anything even to a simple question, will the Dow go up or down tomorrow.
I can provide proof of a couple of bagholders here but of coarse it is unfortunately after the fact.
Good question, you don't suppose they might have some political pull. Makes you wonder how did Globetel manage to get such high profile former BOD from Rubikon Partners. Could it be Kissenger still has some clout in this country. Could it be where the next investment in Globetel will come from? Just maybe there is some signs of life.
Just thinking out load
Cpmac is right, it is generated Aug.24, 2007. That was from Australian Technology Newswire. Now why would they want to put down a company run by a former native Peter Khoury?
http://www.itwire.com/index2.php?option=com_content&do_pdf=1&id=13711
LOL Shows how little DD is done on this board to get any facts or information other from Rob. When you are on the pinkies you get a new breed of researchers. Byron, Seth and Dave no longer follow stocks with little interest.
Not such a small website as you may think:
http://www.itwire.com/
Contributed by Stuart Corner Thursday, 26 July 2007.
"They say airships are kept afloat by helium these days, but perhaps these use some hot air as well."
http://www.itwire.com/index2.php?option=com_content&do_pdf=1&id=13711
siriuslyricher, can you provide any proof that Sanswire will have a free floating airship ready for the Trident 2008 trials. Or is what you are saying only wishful thinking on your part?
Agree with you 100%.
The reason I said: It has not done anyone any good if they got a response from IR or not.
It has not done anyone any good if they got a response from IR or not. One only has to look at Rob's past (and present) and ask yourself, "would I trust this man". If the answer is yes, you need to rethink your investment strategy.
Could be just what Globetel needs for an excuse.
Vern said Globetel is sub renting the hanger in Palmdale. Just maybe that is the extent of the Elisra/Globetel team up. Elisra pays half the rent,uses some space. Globetel doesn't make any rent payment and that is just enough to keep the company running. The PR: Globetel/Sanswire Teams Up with Elisra Electronic Systems to Create Integrated Airship Solutions would be a truthful statement, but not what most would be hopeful for.
Can't help but jump in on your bar bet. The Kentucky Derby is won by a Thoroughbred which is not a pony. Some times a pony will walk a Thoroughbred to the starting gate or warm up with the Colt, Gelding or Filly. Every Thoroughbred's birthday is January 1st. Congratulation's if you got paid for the bar bet.
Me invest in Uli! Not from what I see. He has a couple of places where he sells Trimax, provided links where it could be purchased. A far cry for anyone to invest in, yet this young company has already showed us something Globetel has yet to provide after spending millions on ventures and partnerships and promises.
They provided something for everyone to see and use. All one has to do is purchase a card and try it to see if it works. Why are you pumping Globetel so much. If you like the company so much why don't you purchase thier products.
Did you at least purchase a Globetel or Sanswire shirt when they offered them for sale? Another idea that failed.
orlander,"Its all about making money... hook or crook!"
Long time ago I came across these two lines:
There is only one true thing about the stock market and stock prices; they will fluctuate. This observation is attributed to JP Morgan.
A well known investor named Warren Buffet claims that "Rule number one" is, "don't lose money."
I combined the 2 remarks. I look for big fluctuations and try not to lose money. "It is all about making money...hook or crook!"
Here is a good web site for trading in precious metals. I have been dealing (selling) with this company since 1982.
https://online.kitco.com/selling/
http://genesiss.kitco.com/selling/index_refine.html
Globetel got the heave-ho from the Amex and it wasn't because of an SEC investigation of the financials. Dell is wanted by the NASDAQ thus given all the opportunities to remain and has shown they deserve it.. Unlike Globetel, they have a real product that can be seen, easily found and verified
. Be careful to mention Dell with reference to Globetel, could be a cause of a lawsuit for deformation of character.
Unlike GTEM, Dell has continually released preliminary results. Why can't Globetel release any information or updates about the investagation or financials? The preliminary results for the last 2 quarters should be known by now.
Dell reported for the first quarter of fiscal year 2008, with revenue of $14.6 billion, operating income of $947 million and earnings per share of $0.34.
http://app.quotemedia.com/quotetools/popups/story.jsp
I don't think you can hold Dohan responsible for correcting the financial's after they warned GTEM of material weaknesses in internal control and operations. That would be something the CFO and the independent auditors should have done properly and the CEO should not have signed off. Once signing off in spite of the warnings he is taken the responsibility.
I just got through with the IRS for my 2005 income tax. My bank merged and on my yearly summery of the stock transaction statements they missed reporting 3 sales during the period of the merger. The IRS figured out the 3 sales and billed me for the sales and I had to prove the cost of the purchases.
When I had my income tax done by my CPA he preferred to take the statement from the bank and not from my own records. When I brought this to his attention and showed him the transactions in question were on my personal summery. He still wanted to charge me for doing an amended tax, saying he is only as good as the information provided.
I left his office and got another CPA which I paid, only to find out he made such a mess and said the Federal Government owed me money. I said how can I have more income and the government owe me money?
I went back to my original CPA, kissed his ass, and paid to have him do it correctly.
A lesson learned!
Somehow I think Globetel did the same thing.
Pokestake I think you hit the nail on the head . Dohan notified Globetel many times of material weaknesses in internal control and operations. Globetel went to Dohen to get all the help they can and ask them to sign off.
What would happen if modifications were done to the financials and Dohan refused to sign off?
Dohan most likely asked for the payment before any work is to be done.
Probably the reason it is taking so long.
http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?SessionID=dEqOjgomAhwo9gg&...
orlander, Another note I would like to mention in regards to your quote: "learn to forge your own road to success." I did take my own road when you were pumping Globetel for a long time and stayed away from DNDN, my road say's to buy that stock below its yearly low. So I do make my own decisions. when someone mentions a stock and it looks good I go for it. Don't like being a bagholder. And yes I do quit playing Blackjack when I am ahead....don't believe in a lucky day....the cards do turn around.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21909345
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21878417
orlander, I have quality stocks in my 401K, this trading is my mad money which I have been very successful at... so sucessful I retired at 55. I only "play" with my original investment I started with in 2000. My 10000 shares in Corning (GLW) @ less then $2.00 a share trading up the ladder and buying on every pullback was the big score. I made this post a few weeks ago.
I also deal in illistration art and high quality European antiques.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21406944
Here is another company in Texas using it, with more success then Globetel, also has good paying customers. GTEM had the product at the right time and blew it. It is now obsolete.
http://www.computerworld.com/action/article.do?command=viewArticleBasic&taxonomyName=roi&art....
Vern, I will answer this question: "Question, why would any investor be interested in GlobeTel? GlobeTel has no revenue. The stratellite is in someone's garage. Mexico is the best kept secret of all times. Why would anyone invest in this company (serious comments only)?"
I bought in near the rock bottom low (so far). While following many companies that have filed chapter 11, I have learned there is usually a positive pr that drives the price up followed shortly after by the news of bankruptcy.
I will venture to guess the GTEM PR will go something like this:
Globetel is in talks seeking financing to carry the company through the next 2 years.
Followed by a PR like this: The company can no longer function as the talks for financing couldn't be completed in time to prevent this company from becoming insolvent.
BareBaxBo, good advice.
"Leaders will make mistakes and experience failures but astute leaders know to extract every ounce of lesson from each mistake, understanding that the lesson continues until the lesson is learned. Great leaders are not those that never make mistakes. Great leaders are those who learn quickly and most effectively from their mistakes.
GTEM shareholders followed a leader who made mistakes, hopefully we have learned as much as they have"
I will pass that post along to criminals in prison. Next crime they commit they will learn from what they did wrong the times they got caught.
nerd, good move. My day hasn't gone so good my ISP was down all morning until about a 1/2 hour ago. Have to reassess everything. Missed a good buy/sell opportunity.
Always expect the unexpected, you not only have the stock market against you you also have the computer and the ISP.
One of the reasons I take what I can get when I can get it.
GLTU!
Hope you are right. My order didn't get filled, only managed to get 355 shares. See how things look in the morning. Like to see another big drop to $7.50.
If it goes up, I will just sell them, don't like odd lots like this.
AHR taking a beating today. Trying to buy back at $8.00. Just can't see this fall, with the dividend they pay.
Sold out at $9.52. Always said you have a grasp on things. I owe you one. Thanks!
Looking good this morning:
7:04AM Anthracite Capital reports Q2 EPS of $0.36 vs $0.29 consensus; affirms no subprime residential exposure (AHR) 7.17 : Co reports Q2 EPS of $0.36 vs $0.29 consensus. "The recent turmoil in the credit markets is causing extreme volatility in the financial sector led by significant deterioration in the subprime residential mortgage market. As previously stated, Anthracite has not invested any of its capital in the subprime or Alt-A segments of the residential mortgage market. Given our focus on the commercial real estate sector and the substantial capital raised during the second quarter, our portfolio continues to be well positioned. In addition, the Company redeemed $25,000 of its investment in BlackRock Diamond creating further liquidity and monetizing its profits from that investment." Net book value per share at June 30, 2007 was $10.14.
Good sign is insiders are buying at higher prices.
1-Aug-07 BLACKROCK FINANCIAL MANAGEMENT INC
Other 39,770 Direct Purchase at $8.79 per share. $349,578
28-Jun-07 BLACKROCK FINANCIAL MANAGEMENT INC
Other 68,578 Direct Purchase at $11.92 per share. $817,449
Thank's Nerd. Not bad, trying to get in at 7.12, tommorow will be a telling day to cash out or average down.
max_stratster,
You are 100% correct. I along with others have provided this hindsight. From the first post I have ever provided on this Ihub board and continued on with 100% accuracy going forward. Not trying to be arrogant, but I have been giving very little respect on this board, which I find very disgraceful. No one and I repeat NO ONE has been more accurate on this stock then ME. Not bragging but just proud of my precise predictions .I have also posted on other boards with 100% accuracy:http://investorshub.advfn.com/boards/read_msg.asp?message_id=21406944
Look what has happened since that post.
I have bought GTEM and am ready to sell at .24 for a quick 33% profit.
You don't listen to a companies NR to be a successful investor, you use your own hindsite.
What you fail to realize!
If you bought 1000 shares on the AMEX at $2.74 on day 204 the total would be $2740.
If you bought 1000 shares on the pink sheet at $.20 on day 204
the total would be $200.
Now if you were a long, and believe if you don't sell you don't have a loss where would you be better off?
I know one thing, if I were to buy now on the Pink Sheets I would be better off then buying on the Amex on day 204.
A no brainer.
Good company, just hit a few bumps in the road. Road will be repaved soon and smooth sailing moving forward.