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GoldenStar: Wait, wait - how do you know that Plant didn't pull off the coup of the century!
Maybe he found exactly the lawyer he wanted, his legal secret weapon and then managed to get the judge to agree to hire that lawyer for him?????????
Well, maybe not...
janice shell: I think I love you now...
money66: Before you step on your own words, you may want to do a little investigating the facts.
This is how RA has basically described his military service since 2001. Notice no rank is mentioned:
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001015769%2D01%2D500222%2Etxt&FilePath=%5C2001%5C10%5C17%5C&CoName=UNIVERSAL+EXPRESS+INC%2F&FormType=10KSB&RcvdDate=10%2F17%2F2001&pdf=
"He served in the U.S. Marine Corps. and U.S. Army specializing in communications and intelligence."
This is how RA described his military service in 1999 and 2000. Notice he claims to have been a Commander in both the army and marines, a rank that does not exist for either service:
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000909012%2D00%2D000693%2Etxt&FilePath=%5C2000%5C11%5C07%5C14%5C&CoName=UNIVERSAL+EXPRESS+INC%2F&FormType=10KSB&RcvdDate=11%2F7%2F2000&pdf=
"He served as a Commander in the U.S. Marine Corps. and U.S. Army specializing in communications and intelligence."
This is how RA described his military service in 1998. Notice he claims to have been a "dual Commander" which appears to be insinuating that he served in both the army and marines at the same time, at a rank that does not exist for either service:
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000909012%2D98%2D000371%2Etxt&FilePath=%5C1998%5C12%5C17%5C13%5C&CoName=UNIVERSAL+EXPRESS+INC%2F&FormType=10%2DK&RcvdDate=12%2F17%2F1998&pdf=
"He served as a dual Commander in the U.S. Marine Corps. and U.S. Army specializing in communications and intelligence."
This is how RA described his military service in 1997, and earlier. Note his claim to have retired as a Captain:
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000909012%2D97%2D000268%2Etxt&FilePath=%5C1997%5C12%5C18%5C12%5C&CoName=PACKAGING+PLUS+SERVICES+INC&FormType=10KSB&RcvdDate=12%2F18%2F1997&pdf=
"Mr. Altomare served in the U.S. Marine Corps and Army Reserve from 1969 to 1975, retiring as a Captain."
wiffenproof: Thanks. Interesting site you've built...
virginian: There is no evidence that Judge Lynch ever made such a statement. It's not in the court record.
The case did not go to a jury because Talbot failed to submit a Jury Demand to the court by the deadline for that to be submitted. He admits that in the request he submitted to the Judge, after the summary judgement, to have a jury trial, blaiming that failure on his distress caused by his wife's death.
Had he filed that demand on time, there is nothing the SEC or Judge could do to keep him from having that trial.
Besides that, a party in a civil suit can submit an affidavit about anything that party thinks is relevant to that case during the discovery process. The judge may wind up dismissing or not considering that information as relevant, for his/her diliberations, but the affidavit gets into the court records.
From here, I guess it is just best that we agree to disagree...
virginian: Suffice it to say that you and I will never be able to agree on what is actually happening. Any attempt to air out our two positions would be futile.
But, that said, my main point in my response to you was that dispite RA claiming that he has the evidence that proves the huge NSS position for USXP, he has had three opportunities to do that, but chose to simply assert that such a position exists.
Maybe he'll take the opportunity available in the final version of his appeal that is to be submitted to the appeals court by January 8th, in support of the claim that he was allowed to issue the unregistered shares, but I doubt it.
virginian: With all due respect, I have to disagree with your statement that RA has not had the opportunity. He's had three opportunities:
In affidavits provided to Judge Lynch in the SEC case, RA could have provided that evidence. Instead, Gunderson alledged in one of his afficavits that he believed that it was possible that at least a trillion shares we naked-shorted, but provided no evidence of that assertion.
In the case RA filed against the SEC in Florida, RA's whole suit was based essentially on the theory that the SEC was retaliating against him to protect the NSSers, yet he profided no evidence as to the NSS position, and identified the NSSers as "John Does." The part of the suit that was against the SEC was dismissed out of hand by the judge. However, RA was allowed to refile the suit against the NSSers by a certain deadline, if he use the NSSers real names.
RA and Gunderson claim that the BK court gave them permission to issue as many shares as needed to counter the affect of the NSS on the company's market cap. RA could have provided the evidence of the NSS position in support of that claim, to back up his contention that the shares were legitimately issued, yet he didn't.
There is also this: As part of the SEC's original charges against RA et al, they had an audit of the NSS position done to backup their charges that RA was falsely claiming a large NSS position existed. That audit showed that at that time, a 'de minimus' NSS postion existed - I believe it was either 356,000 or 357,000 shares. Of course, some will believe that this audit was an outright lie by the SEC in a sworn court document, but I chose to believe otherwise, particularly since in order for the SEC to be so deceitful about everything that people believe they are, then everyone at the SEC has to be in on it.
Documents exist that back all of this up, but it would take a very long time to track down some, particularly all the affidavits RA and Gunderson provided (there are over 200 different docs filed with Judge Lynch), and a copy of the suit RA filed in florida. So you'll have to take me at my word on those, or just assume it is all in my opinion, because I won't spend that time, even for you.
virginian: Of course. I've yet to see any of the NSS conspiracy theory believers cite any of those agencies.
However, it is also to poke fun at those theorists who believe that U.S. government agencies are all in cahoots with short sellers.
So, if that makes the post banable, I have no objections.
FBI, DOJ, NCIS, NSA, NASA, DHS, FDA, FHA, just to name a few...
virginian: I understand your view, and feel the same about our 'conversations.'
Anvil: I looked at the appeals court docket two days ago. The last entry had to do with granting Talbot an extension on filing whatever he needs to file next.
The docket entry also mentioned an estimated of late February for the hearing, based on the granted delay.
That doesn't seem to indicate that the appeals court is planning to do anything before then, nor does any other entry in that court's docket.
Could happen, but I don't see any evidence of it.
virginian: I'm not a lawyer, and I don't play one on TV, so I have limited ability to answer your question.
And you are aware that IMNSVHO, the scenario you put forward has no chance of happening.
The only thing I'm very sure of is that RA will have no legal recourse against either the local judge or the receiver.
Will he be able to sue to recover ownership of LE/VB and MadPackers? Possibly, but I don't know.
Sorry, I can't provide you with any answer you can find useful.
PDF contents re: approved sale of VB/LE and MadPackers from today's court docket entry, compliments of xray on another board. So far I haven't seen anyone post anything about the exhibits mentioned:
01/04/2008 271 MOTION to Approve Sale Of Subsidiaries Of Universal Express, Inc.. Document filed by Jane W. Moscowitz. (Attachments: # 1 Exhibit A, # 2 Exhibit B)(Moscowitz, Jane) (Entered: 01/04/2008)
-----------------
Doc 271
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
________________________________________________
U.S. SECURITIES AND EXCHANGE COMMISSION, :
:
Plaintiff, :
:
v. : 1:04-cv-2322(GEL)
:
UNIVERSAL EXPRESS, INC., et al., ::
Defendants. :
________________________________________________:
MOTION TO APPROVE SALE OF SUBSIDIARIES OF UNIVERSAL EXPRESS, INC.
Jane W. Moscowitz, as Court-appointed Receiver of Universal Express, Inc. and its subsidiaries (the “Company”), hereby moves for the Court’s approval of its sale of the assets of three of the Company’s subsidiaries, Virtual Bellhop (“VB”), Luggage Express (“LE”) and Madpackers (“MP”). In support of this Motion, the Receiver states:
On August 30, 2007, the Court issued its Opinion and Order (DE#202) and on August 31, 2007, its Order appointing Jane W. Moscowitz, Receiver of Universal Express, Inc. and its subsidiaries (DE #203). An amended order was signed by the Court on September 10, 2007 (DE 204-2). The two Receivership orders set forth the Receiver’s duties and powers. Pursuant to that Order the Receiver is entitled to “liquidate any . . . assets as the Receiver deems to be advisable or necessary.” Point I.f.
The Receiver has been engaged in evaluating Universal Express and its subsidiaries, as more fully reported in the two reports filed with the Court, the contents of which are incorporated herein.
As part of that evaluation, the Receiver investigated the business of VB and LE. These businesses were engaged in shipping travelers’ luggage to their destinations and back enabling the traveler to travel luggage free. The companies used Federal Express and DHL to do the shipping. The service the companies provided was arranging the pickups and deliveries. As noted in the Second Report of the Receiver of Universal Express, Inc. (DE # 237):
It should be noted that, while Altomare was running the Company, few funds were spent on operations and improvements to operations. The great majority of funds spent was spent on various sorts of advertising and on acquisitions of subsidiaries. This advertising, largely in the name of Universal Express and not in the name of the operating subsidiaries, appears to have been targeted to investors and not to potential customers. There was a drive for revenues and market share more than profits, so pricing to customers was haphazard and ad hoc with many discounts given. In fact, the Receiver was told that the pricing for Luggage Express and Virtual Bellhop was below what was required pursuant to the contract with FedEx. Moreover, other companies provide the same services that the operating subsidiaries were providing.
Very little money was invested in systematizing operations. There were no real computer systems of value. Most of the employees kept track of their various responsibilities by use of excel spreadsheets developed by the particular employee. The credit card payment system was not integrated with the accounting system or with any other system, resulting in much duplication of effort and multiplication of errors.
The assets of each subsidiary, then, consisted of the intellectual property, such as domain names and trademarks, telephone numbers and the list of customers. A number of potential buyers contacted the Receiver, did due diligence, and made offers for the subsidiaries sold, and the Receiver accepted the best offers.
The Receiver sold the assets of the Luggage Express and Virtual Bellhop subsidiaries to Sports Express for $100,000, contingent on the approval of the Court. This was the highest offer received. Sports Express had earlier offered $125,000 but reduced the offer when the contract with Crystal Cruise Lines, Virtual Bellhop’s primary source of revenue, was terminated. As noted above, the assets of these subsidiaries consist mostly of the intellectual property and the customer list. The software for the Company was primitive. Additionally, Sports Express engaged two of the Company’s former employees.
Second Report of the Receiver of Universal Express, Inc. at 10-11.
The form of the Asset Purchase Agreement and supporting documents relating to the sale of VB and LE are attached as Exhibit A. This Agreement calls for the sale of the assets of VB and LE only. The considerable liabilities that the Receiver has reported to the Court in the two receiver reports will remain. While, of course, this is not the optimal solution, there were no offers that would assume those liabilities, and, therefore, if the sale had to be made with the liabilities, there would be no sale at all.
The Receiver engaged in a similar process with respect to the sale of Madpackers, Inc., a company which delivers the belongings of college students to and from their campuses and provides summer storage for students. Like Luggage Express, Madpackers has minimal assets which consist primarily of some corrugated cardboard boxes, its website, a primitive online ordering system, a registered trademark on the Madpackers name, some customer lists and two contracts with schools allowing Madpackers to solicit business from its students. The Receiver has agreed to sell most of Madpackers’ assets to Campus Logistic Solutions, LLC (“CLS”) for $70,000. As part of this transaction, the Receiver has retained the right to receive all unprocessed credit card charges for earned but uncollected fees and charges related to services performed by
Madpackers prior to the closing.
A number of other companies signed confidentiality agreements and did due diligence on the assets and operations of the company but the next highest offer received was only $35,000. The liabilities of Madpackers, similar to those of the parent Universal Express, consist largely of advertising expenses which did not assist in actually growing the business but, instead, appeared aimed at improving the public image of Madpackers and its parent Universal Express in the face of the SEC investigation.
CLS is a newly formed company that is partially owned by Lawrence Byron and Eric Veleker, the two individuals who were largely responsible for ensuring that Madpackers met all of its contractual obligations to make deliveries for the fall academic season despite the fact that they received only minimal compensation from the Receivership. While not all liabilities of Madpackers are being paid out of the sales proceeds, CLS, at Byron’s and Veleker’s insistence, conditioned its offer to the Receiver for Madpackers’ assets on her use of the bulk of the sales proceeds to pay drivers and other Madpackers workers who were not paid for their efforts prior to the start of the Receivership. In addition, a portion of the proceeds will be used by the Receiver to compensate Mark Miller, to whom she agreed to pay a commission on the sale for his enormous efforts on overseeing the various due diligence efforts in connection with the offering for sale of the Madpackers assets.
The form of the Asset Purchase Agreement and supporting documents relating to the sale of Madpackers’ assets is attached as Exhibit B. This Agreement calls for the sale of the assets of Madpackers and the payment by CLS of certain employee liabilities of Madpackers as part of the sales price. The considerable liabilities that the Receiver has reported to the Court in the two receiver reports will remain. While, of course, this is not the optimal solution, CLS’s offer was the only offer that provided for the payment of any of Madpackers’ liabilities, no other offers were received that included the assumption or payment of any of Madpacker’s liabilities, and, therefore, if the sale were conditioned on the assumption of all Madpackers’ liabilities, there would be no sale at all.
The Receiver could not fund the continuing operations of these companies and has made the best deals possible in selling them.
Wherefore, the Receiver requests that the Court enter the attached order approving the sales of VB and LE and of MP.
Respectfully submitted,
MOSCOWITZ & MOSCOWITZ, P.A.
1111 Brickell Ave., Suite 2050
Miami, Florida 33131
Telephone: (305) 379-8300
Facsimile: (305) 379-4404
Attorneys for Jane W. Moscowitz, Receiver
By: S/Jane W. Moscowitz
JANE W. MOSCOWITZ, ESQ.
Florida Bar No. 586498
Jmoscowitz@mmmpa.com
CERTIFICATE OF SERVICE
I hereby certify that on January 4, 2008, I electronically filed the with the Clerk of the Court for filing and uploading to the CM/ECF system which will send notification to the following as indicated to the parties listed below.
[…]
________________________________________________
U.S. SECURITIES AND EXCHANGE COMMISSION, :
:
Plaintiff, :
:
v. : 1:04-cv-2322(GEL)
:
UNIVERSAL EXPRESS, INC., et al., :
:
Defendants. :
________________________________________________ :
ORDER
THIS CAUSE having come before the Court on Receiver’s Motion To Approve Disposition of Subsidiaries Of Universal Express, Inc. and being otherwise fully advised in the premises, it is:
ORDERED AND ADJUDGED that Receiver’s Motion To Approve Disposition of Subsidiary Of Universal Express, Inc. is hereby granted to the extent set forth below.
The Receiver shall be permitted to sell the assets of Virtual Bellhop and Luggage Express on the terms and conditions outlined in the Asset Purchase Agreement and Bill of Sale between the Receiver and Sports Express which is attached to the Motion as Exhibit A.
The Receiver shall be permitted to sell the assets of Madpackers on the terms and conditions outlined in the Asset Purchase Agreement and Bill of Sale attached to the Motion as
Exhibit B between the Receiver and Campus Logistic Solutions, LLC.
DONE AND ORDERED
at New York, New York, this ____ day of January, 2008.
_________________________________
GERARD E. LYNCH
UNITED STATES DISTRICT JUDGE
virginian: It was to somebody. Second best offer was 35K.
Ican't believe she got someone to pay 70,000.00 for MadPackers...
The request for approval for the sale of LE/VB and for the sale of MadPackers was submitted to the judge, and approved by the judge.
All in the court docket for today.
I nominated you, but maybe he was afraid of offending all the other scam bashers.
It's not like he was offending any other CEOs by naming RA...
A new award for RA (compliments of My_Biz on RB):
Goode Value Investing Blog
http://www.goodevalue.com/2007/12/28/2007-best-worst/
12.28.07
2007 Best & Worst
Posted in All Categories at 10:04 am by michael
First, the list of shame:
Worst CEO: RICHARD A. ALTOMARE of Universal Express. See the SEC litigation brief for an explanation of his stock fraud. The best part about this story is that his company took out a full-page ad in the New York Times to criticize “naked short sellers” and other critics. Now that the company is in receivership it looks like the Times won’t get end up getting paid for the ad.
Most Blatantly Overvalued Company: Continental Fuels (OTC BB: CFUL) wins this award. This small distillate distributor at one point had a fully-diluted market cap of $1.5 billion. It continues to trade at 40x my fair value estimate of $0.01 per share.
Most Hypocritical: Jim Cramer, for prattling on about various stocks and infecting people with the stock bug. Following his advice would incur huge trading fees and underperform the market. In his new book he advises investors to use index funds. I guess that advice doesn’t sell well on CNBC.
Dumbest Policy: The NYSE wins this hands down for their insane policy of requiring $2.50 in cash per share to short sell cheap stocks. This effectively prevents short sellers from short selling most penny stocks and makes it easier for pump-and-dump schemes to drive up the price of penny stock shares.
Now, the good list:
Best CEO: Joseph Sorge, formerly of Stratgene. He agreed to sell the company in April to Agilent (A: $37.49 +0.94%, market cap: $18.527B) so that he could pursue other opportunities (seriously). The buyout price was at a nice premium to the stock’s price and was almost twice the stock’s 52-week low (near which I had bought). Besides just selling out, Sorge ran Stratagene well and kept investors well-informed. The company was and is highly-regarded for great products and knowledgeable sales people. Congratulations Joseph for being a great scientist and CEO.
Best Investment: Diversified low-cost index funds win! I will continue to say that they win each year until the day I die. I currently have most of my money in index ETFs including DEM, VTI, RZV, DGS, EFV, VWO, IVE, and IJS.
Best Financial Writer: David Baines of the Vancouver BC Sun. He has exposed numerous penny stock scams. He has earned the nickname “****ing piece of ****” from the former CEO of one of the companies he targeted. To misquote someone, while he may be a “****ing piece of ****”, he is OUR “****ing piece of ****”. Thanks David for putting some heat on the scammers and the ‘regulators’ that disgrace our continent.
Best New Investing Blog: Goodevalue.com, obviously.
Best New Investing Blog not written by me: Sequence Inc. Fraud Files, written by forensic accountant Tracy Coenen. While Tracy loses points for being a Packers fan, she gains them back for having red hair. I love her so much that she wins this award despite blogging for just over a year, stretching my definition of new almost to the breaking point.
Best Short Seller: Hats off to William Ackman of Pershing Square Capital. His bearish call on the bond insurers has been great so far. The carnage in that sector is already worse than almost anyone else imagined and it could get much worse.
Disclosure: I have no interest in any stock mentioned. I own all the ETFs mentioned. I have a strict disclosure policy.
Permalink
puppydotcom: The bank records submitted by the SEC early on in the SEC vs USXP case showed payments to Barbara Halpern, her name before she married RA, that were periodic (every 2 weeks, on every month), that clearly were paychecks. In addition, it showed nice round cash payments to Barbara Altomare, every now and then which were clearly above and beyond her salary.
I guess she could get around this by claiming it was RA giving her part of his salary. But there is always a problem with someone signing tax returns - in general, the IRS considers both parties responsible for the accuracy of those returns.
Stockdung: If he didn't report his booty, then I seriously doubt that Babs reported hers.
Oh no - Last post.
Ummm, can anyone please show me any SEC filing that mentions anything about UJet at all.
Anything at all, never mind about the assets it would add.
Didn't think so...
virginian: Don't think it was by an investor. It was originally posted on the other Yahoo! message board, a board rife with 'true-believers' in eveything RA has ever claimed. It would be very difficult for one of them to write a statement that described how the UJet deal hadn't been done.
It reads a lot like something RA would write, particularly the end where it talks about the huns.
I believe I saw someone attribute it to Gundy, but there was never any concrete identification of the source.
virginian: The statement came out in mid-November.
Found a copy of the statement on the unofficial Yahoo board. See item 8 RE: UJet.
Statement
Mr. Altomare, we are sure, can adequately defend every false statement made by this receiver in her latest report, and will do so in court. To respond to this SEC’s agent, who still is incapable of admitting that she alone not the Company’s management hurt and destroyed a growing and vibrant company, is futile.
In a brief response to the receiver’s recent attempts to alienate the solidarity of the shareholders, the Company’s supporters will list her key accusations with brief responses:
1. Judgments: We stand behind the statements on collection. As indicated in the Company’s filed reports and press releases, both juries did hear testimony and proof by the Company on naked shorting during a specified period exceeding 11 times the Company’s then outstanding shares and 76 times its daily average treading prior to the attack by the naked shorters.
2. Jackson Collection: The receiver was obviously unable in any way to grasp the past and future potentials for this valuable collection.
3. Subsidiary sales and liquidation: We vehemently disagree with all of the receiver’s myopic comments. These subsidiaries were growing rapidly and revenues were quadrupling each quarter for the last four years as the Company’s filed quarterly and annual reports will show. Also, recent acquisitions by the Company during the last two years on the luggage movement business were growing rapidly. The receiver, as a lawyer, has obviously never run an operating company, made payroll for 14 years and never protected the families of more than 85 current employees put out of work by her close-down mentality as the SEC’s agent. “She protests too much".
4. The Company’s Operations: The Company’s operations were state of the art, which the Company alone created for its various businesses. A Wall Street Journal article written when the Luggage Express business was only starting rated that business as number one among its competitors. The receivers self-justification for closing down a perfecting viable, growing developing company are belied by the statistics contained in the Company’s quarterly and annual reports filed for over 14 years without challenge.
5. The Company’s Marketing: The Company’s marketing and advertising was excellent, geared to the large audiences viewing sporting events, including NASCAR and geared to increasing the substantial growth of all of the Company’s businesses.
6. Despite the receivers statements, the Company’s current lawsuits were very valuable for the Company and its shareholders and proceeding well. Over $600 Miliion for the Company was involved as indicated in the Company’s filed reports and press releases. In one case alone referred to by the receiver, the claim against the Company was only $20,000, but the Company’s counterclaims was for $750,000 due to the Company. The receiver did not handle these valuable cases, but like her actions with respect to the Company’s businesses, merely shut the cases down. All of the cases. She is so wrong on so all of these cases. The receiver was not a builder only a corporate liquidator, interested in only which close downs "pays her" first.
7. All of Mr. Altomare's counterclaims and salary were appropriate and will be made more understandable in front of a jury, not before a one woman wrecking crew with an SEC agenda.
8. The use of private planes were for business purposes. The Company had a long partnership relationship with Universal Jet for over six years, looking toward the ultimate acquisition of Universal Jet as the Company’s quarterly and annual reports show. The receiver’s statements are incomplete and misleading and she was grossly incorrect into believing that she understands inter-company transfers and the actual cost of those operations. The acquisition of Universal Jet was just weeks away when the SEC through its agent receiver shut the Company down. The Company’s filed reports show, that acquisition would have added $20 Million dollars to the Company’s assets.
9. Considering the payables in the receiver’s account, reliable sources show that many of the largest payables were disputed by the Company and the Company owed less than 20% of the overstated payables she listed. This incorrect listing is obviously designed to justify closing down a Company which for 14 years, as its annual and quarterly reports will show, paid all of its bills and covered all of the payrolls of its employees. It boggles believe to think after 14 years of this outstanding record by this developing Company, the receiver arrived and found, in her SEC biased opinion, that the Company could not continue its 14 years of continuous and progressive growth.
The receiver’s 15 minutes of fame in destroying a viable Comp[any and the investments of its thousands of loyal shareholder for over a decade are undeserving of further comment or response, but the rest of us must remember the naked short selling issue and that NO TRIAL has yet taken place, nor was there any testimony or hearing on the appointment of a receiver at the insistent of the SEC trying to silence the this prominent Company whistleblower on the naked shorting scandal that has ruined thousand of smaller public companies, in a ten year cover-up by of the SEC of the naked shorting scandal in which it is complicit along with powerful Wall Street interests
So the Company’s CEO is now accused by the receiver of no arab contracts, no collectibility of the judgment, although millions have been collected and scheduled to be collected, private planes and no oil and gasoline businesses. It is a shame that this receiver was underqualified and possessed predetermined suppositions or instructions to close up the company first, liquidate improperly and then justify her seizure and silencing program to continue the SEC's abuse of power entitlement over a public company's rights.
Every press release, every announcement, every interview on behalf of the Company was the truth,
These false statements and claims by the receiver will never survive the light of a court test. Did the Company’s supporters shred any documents? Do they represent naked short sellers? Does anyone other than the SEC benefit if this SEC agent can silence us?
During this stage of the legal exercise, the SEC through their appointee, tries to misinform. We can choose to drink their kool-aid or remember what we had before with our viable and growing through good, farsighted management, instead of the staged pro-SEC news articles, fines, receiver liquidation and delisting.
The fact is the Huns overran Camelot and they are tryng to re-educate those of us who remember this Company’s great potential, excitement and enthusiastic branding, ongoing. History can always be re-written. It doesn't have to be believed.
virginian: There were two PRs. I can only recall that in one of them he talked about purchasing UJet, and forming a partnership.
Never could figure that out. But he never bought UJet at all. That fact was confirmed in a response to what the receiver was doing that was supposedly from Gunderson. I don't have a copy, can't point to it, but I can tell you that it clearly stated that a deal was almost done, but turning the company over to the receiver killed it.
Trying to find a copy of that 'response' but not sure exactly when it came out...
Just for yucks, tried sending a very brief email to the address identified in the email supposedly sent to the Crown Prince.
Got this:
Recipient: <lmsa123456789@hotmail.com>
Reason: Requested action not taken: mailbox unavailable
needdiamonds: We'll have to agree to disagree on this.
Also, if he had a deal in place, why was he hyping USXP so hard in the email? The hype had to have been done, and believed, before a deal would have been made to buy 40M worth of USXP stock, at any price.
Again, it doesn't matter. Clearly no deal was ever consumated (and I personally can't believe that such a deal was ever real, if just for the fact that the SEC case would be a huge red flag to doing anything before it was decided).
needdiamonds: Because there was supposedly a meeting, and a funding request was talked about at that meeting, doesn't mean a deal was cut.
And if one had been, the claims made by RA about USXP would never have stood up to the most basic of DD, and reading that email would have killed that deal.
It isn't really clear that anything about this email is anything more than RA setting up 'evidence' that he was in fact working on getting 40M as he had said he was doing.
But none of this matters, as it is absolutely clear no 40M was provided to USXP (unless RA siphoned it off to himself, and the receiver would have found that in the records).
virginian: My point was that if he had a large commitment from anyone for funding, he could have cited that in his response to the receivership request as a way of showing the judge that USXP wasn't in dire financial straits.
He didn't.
You are right that he has no faced any charges about that or anything else that has occurred since March 2004, except for potential contempt charges.
It was part of the exhibits for RA's deposition by the receiver filed with PACER.
Some have posted it here and on RB, that I know of. I thought you posted it on the unofficial board, but your entry in which you provided info on the contents of the deposition seems to have disappeared.
I'm sure there's a copy of the PDF posted somewhere, but off the top, I can't find out where.
virginian: When the SEC requested the judge appoint a receiver, RA had a chance to file a response showing why one shouldn't be appointed. He had a chance to point out that the financial condition wasn't dire, as the SEC is claiming.
If he had 40M in funding promised by anyone, I think he would have provided that evidence then.
He certainly has had a lot of chances to show that proof to people since then.
needdiamonds: I think what was basically going on is he approached the crown prince through some intermediaries about a possible funding deal, and he got some kind of 'ok, I'm listening' response - which can easily become 'as we talked about possible funding...'
virginian: Etrade doesn't.
I'm not sure, but when you get down here on the pinks, quotes can be broker specific - I think that with ETrade, for example, they show no bid if they have no customers on bid.
Don't know for sure, but it could be that a Fidelity member has a bid in...
No trades at .0002, and wound up the day with No bid x .0002.
needdiamonds: I read that email, and I didn't come to the conclusion that RA had a deal, just that he was proposing a deal.
Given the description RA gave of USXP's businesses, I find it difficult to believe that the slightest of DD wouldn't have showed that RA was trying to pull off a scam.
AngelHillCorp: Thanks, and same to you and yours.
As for Tricell, I'm way less optimistic than you. Good luck on trying to get anything out of anyone at the company, others have tried and never get past the person who answers the phone, and never get anthing from that person either.
Others have contacted Barrons and have been told that he has written the whole thing off as a loss.
As for bottom plays, I'm happy that I'm out, at least for now. If it drops into the .000x range, I might dip a toe in.
A different take on a xmas classic, stolen from another board:
The Night Before Christmas
(with Apologies to Clement Clark Moore)
‘Twas the night before Christmas, and all through the land,
Investors all prayed that they wouldn't be scammed.
They had bought all their stocks, and their bonds and funds too,
With the hopes that their wishes and dreams might come true.
The Traders were trading to their little hearts' joy:
“Just one more play, and I'll buy that new toy.”
Then from down on the floor there arose such a clatter,
That I sprang from my desk to see what was the matter.
And low and behold, what on earth did I see,
But a tax loss, and one just as big as could be.
It was pulled in a wagon all rusty and dark,
By the ugliest dogs that ever did bark!
It was yelling their names as it circled the floor,
And was dressed in a suit from second-hand store.
“On Sulja, on Petar, on ZNext and Pearly,
On Rufus the Dufus, you pitiful girly.”
It’s a canine design to cost us all money,
And frankly I don’t think it’s really that funny!
And so went the loss from one house to the next,
Ameritrade, Merrill, one and all would be hexed,
With lies and deceit, spreading fear and despair,
Leaving not one untouched by its withering glare.
From one coast to the other, across these great States,
The loss headed to Wall Street to try out its fate.
There it hit a brick wall, and stopped dead in its tracks,
“Go home foul loss; we don’t want your hacks!”
The dogs started whining and then started to grovel.
The loss had been Buffeted back to its hovel.
The moral you see, for investors to seize,
Is beware of the dogs, and watch out for their fleas!
Try BRK, Google, Walmart and more.
Your family will love you, your friends, you adore!
So now we can all go and gorge on our dinner,
With the knowledge that at least our wallets are thinner.
Please remember the spirit and partake in the cheer;
Merry Christmas to all, lets do better next year!
virginian: Back at you, and extended to everyone else.
needdiamonds: You were told wrong. What happens is if you don't access enough pages to run your tab past a certain total (I think 8.00) you never get charged. If you run your tab up at any point, over any amount of time, to that price, you get charged.
And I believe they put it into pdfs because it is the easiest way to diseminate the info, particularly when the info is scanned into the system.
You can download any pdf to your computer for no extra charge, beyond the cost of opening it in the first place.
jtl: Does this statement from Babs' deposition make it any clearer to you RE: ongoing criminal investigations?
MR. TIFFORD: Because of the nature of the question, I'm going to instruct Mrs. Altomare to read the following.
THE WITNESS: On My. counsel's' instructions, due to the Office of the United States Attorney, Southern District of New York's announcement of a pending federal grand jury investigation, I respectfully decline to answer the question based upon constitutional rights as guaranteed to me by the Fifth Amendment of the United States Constitution and the same rights provided to me in the constitution of the state of Florida.