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You wrote: "SHAMUS, DO YOU EVEN HAVE MONEY IN THIS THING?"
What are you, the Maytag repairman? Desperately Seeking Susan? Just looking for somebody to talk to?
No, I don't own this dog stock. Never have, never will. Just waiting for it to die.... as all things do.
According to Matlock, there are only two possible defenses to a murder charge: 1) "I didn't kill the bastard," or 2) "the bastard needed killing."
This bastard stock needs killing.
-shamus
Okay, I'll shut it down, but only if you send me five thousand dollars in small, unmarked bills.
-shamus
Of all the possibilities you mentioned, here is the one most likely to actually happen:
Tonight you will have a date with Angela Jolie. She will open the door and, to your delight, she'll be... nekkid as a jaybird.
-shamus
PS: Whether you realize it or not, I just told you everything you need to know about PWLX.
PWLX once again proves itself worthy of being called a piece of dung:
http://biz.yahoo.com/bw/050126/265300_1.html
-shamus
Powerlinx may have fatally stumbled by allegedly defaulting on its licensing agreement with Satius, Inc. Charles Abraham, d/b/a Satius, Inc., owns the technology patents underpinning most if not all of Powerlinx's products.
Powerlinx broke the bad news today through an 8-K filing.
http://biz.yahoo.com/e/041026/pwlx.ob8-k.html
-shamus
Would you like me to stop dictating which topics you're allowed to discuss? You want me to stop telling each person when they can post? Should I stop removing posts that contain asides and tangents? Oh, and I bet you want me to stop ringing that annoying bell when posts are too long, right? Sure, no problem, I can do that.
As board moderator, though, there's one thing I can't do for you: I can't make your posts "meaningful." You'll have to do that yourself.
-shamus
Amen.
Mad:
I dunno who the lead attorney is (probably Toll). But take your pick, man, there are plenty to choose from:
Steven J. Toll
[COR LD NTC]
Cohen, Milstein, Hausfeld &
Toll, P.L.L.C.
West Tower, Suite 500
1100 New York Ave., N.W.
Washington, DC 20005
202/408-4600
Richard S. Davis
[COR LD NTC]
Foley & Lardner
777 S. Flagler Dr., Suite 901
W.
West Palm Beach, FL 33401-6163
USA
561/650-0140
Matt Craig Myers
[COR NTC]
Alpert & Ferrentino, P.A.
100 S. Ashley Dr., Suite 2000
P.O. Box 3270
Tampa, FL 33601-3270
813/223-4131
Douglas M. Hagerman
[COR LD NTC]
Foley & Lardner
One IBM Plaza
330 N. Wabash Ave., Suite 3300
Chicago, IL 60611
312/755-1900
Jonathan L. Alpert
[COR LD NTC]
The Alpert Law Firm
401 E. Jackson St., Suite 1825
P.O. Box 3270
Tampa, FL 33601-3270
813/223-4131
Hey, that's a perfect description of SeaView's credibility resulting from its press releases over the past three years.
Ask him to account for the one million dollars SeaView recently received from the sale of the death-spiral convertibles. How much cash do they have in the bank today? How much of it has or will go into George B's pocket and the pockets of other company executives and "consultants?" What is their current quarterly burn rate exclusive of raw materials purchases and manufacturing costs?
So please give us some good news by telling us how many millions you've generated in sales this year as a SeaView dealer.
When you pay a guy to interview you, not only should you know what questions he's going to ask, you should give HIM the questions.
No agenda save the truth. I have fixed the ibox per your request.
"isnt there something good on tv that may interest u more than constently posting marginable attempts at humor on a dead stock board?"
'Tis better to laugh on margin than to buy on it.
-Confucious Shamus
The last time SeaView issued a press release was to announce that HSN would be advertising SecureView "in September." Well, it's October and guess what? No HSN, of course. How many false promises does that make now?
But don't look for a press release telling you about the toxic convertibles they just issued. They're undoubtedly hoping you won't realize they just destroyed what little hope you had left for this company.
Nope, they won't tell you, but I will:
http://www.taylorstock.com/page7.html
"If you are management of a Company and you are stupid enough -yes, STUPID - to sell a toxic convertible, you should be stripped naked and paraded up and down the streets with a sign around your neck that says "I stole all my shareholders' money". And, if you think you aren't stupid but you sell a toxic convertible anyway, then you are GREEDY. Yes, greedy. The only explanation (if not stupidity) is that you wanted to milk the company for a little more money, either in salary, or benefits or personal stock sales, all the while you are selling your shareholders down the river to the toxic convertible buyers who are shorting your stock into oblivion."
SeaView bites the dust by issuing floorless convertibles. See today's SB-2 filing for the obituary.
When his client is charged with murder, a defendant's lawyer typically chooses one of three possible defenses:
1. Your honor, my client didn't do it.
2. Your honor, my client did it, but it was an accident.
3. Your honor, my client did it, but the bastard NEEDED killing.
Should the death you cite ever be ruled a homicide and I am put on trial as board moderator, it goes without saying that I shall choose Defense #3.
Some people call that "false advertising." America's advertising industry calls it "standard operating practice." I first started getting suspicious around age seven when my new decoder ring wouldn't decode anything.
You're welcome. Thirty seconds. No. Not again. Okay.
Never take my word for anything, biz, for two reasons: a) Just because I'm almost always right doesn't mean I'll be right every time, and b) the type of information I provide is easily verifiable, unlike the type constantly being spewed by mindless stock touts. If I'm wrong, the true facts will rapidly disprove my intuitive logic, not to mention the little miluky birdie that told me.
The RCA Secureview prison television is NOT manufactured by SEVU. The word "Secureview" has been trademarked by numerous companies, including SEVU. So long as a name is not used for identical or very similar products, it can be trademarked by multiple parties. For example, View Systems legally uses the name "Secureview" on its CCTV systems.
http://finance.yahoo.com/q?s=vyst.ob&d=t
Sorry.
Yes, so far as I know it hasn't been settled yet. There's supposedly an agreement to settle, but no final court approved settlement. Was that a trick question?
Does it make sense to buy more stock BEFORE six million new shares get dumped into the float? Actually, it might end up being more like nine or ten million shares, assuming the company is forced to sell stock to come up with the $125,000 cash costs associated with the settlement (based on 125K = 2.5 million shares @.05 per share, plus PP fees).
A recent newspaper editorial cartoon: A witness is sitting on the witness stand. The court clerk is swearing him in: "Do you swear to tell the truth, the whole truth... The witness replies: "Of course not, I'm an accountant."
EDIT: SEVU has just dropped below a dime, so the above equation is no longer valid.
Your post is a bit too disjointed and inarticulate for me to fully comprehend, but I think you're asking me to "qauntify" my recent "assumptions." Below is documentation for ONE of the facts I alleged. If you want the rest, I'll need you to first promise me free meals in your restaurant for life, along with your solemn vow that you, your staff, your dog and the cockroaches won't spit in my food (et al) while I'm not looking:
(During calendar year 2001), "the Company issued 765,000 shares of restricted common stock to employees as compensation for services. The restricted common stock, which was fully vested upon issuance, was valued based upon the trading market prices on the dates of issuance, or $368,550 in the aggregate." (Source: Form: 10K Filing Date: 4/16/2002)
"During the first quarter 2002, the Company issued 963,500 shares of restricted common stock to employees and directors as compensation for services. The restricted common stock, which was fully vested upon issuance, was valued based upon the trading market prices on the dates of issuance, or $257,413 in the aggregate." (Source: Form: 10QSB Filing Date: 5/20/2002)
Re: posts #14331,32,33
What makes you think I lied when I pointed out that insiders have received at least part of their salaries in the form of stock? If you read the company's SEC filings, you would know it's the truth. I never said they didn't put some of their own money in the PP, just that there's nothing in the filings to indicate it was a million bucks as bigbizz claimed.
Second, I retract my earlier retraction concerning Carol McAtee. I was right after all when I noted that McAtee is still serving as their independent auditor. Based on recent SEC filings, it appears they're only using Aidman, Piser and Co. to do their SEC paperwork.
As for the class action suit, it won't be "settled" until the judge closes the case. If SeaView is smart, they'll issue a PR about ten seconds after that happens. In the meantime, don't count your chickens before they hatch.
Finally, I'm sorry but you don't get a vote on ousting me as moderator of this board. What do you think this is, a democracy?
-Papa Doc Shamus
You're right, I didn't notice. Thanks for correcting my error. Incidentally, the link I posted to SEVU's S-8 is broken, so here is another Freeedgar link:
http://sec.lp.findlaw.com/edgar.html
Please point out any "mistruth" I've posted (backed with documentation) and I'll be happy to acknowledge the error(s). Perhaps you could start by documenting exactly how much of their own money insiders have spent purchasing SEVU stock. If it's "a million dollars" as Bigbizz claims, I'll eat not only my words but also my computer.
If indeed they put up their own money to avoid diluting the stock as you insist, then why didn't they put up a little more instead of issuing another 500,000 shares to two "consultants," per their S-8 registration statement filed just today? One of those "consultants," Brenda Hamilton, is a lawyer. Who the heck knows who the other one, Tom Nemeth, is. This latest S8 is a perfect example of the "stock as currency" point I was trying to make in my earlier post.
http://www.freeedgar.com/oem/findlaw/ViewFilings.asp?CIK=894536&Directory=1108017&Year=02&am....
PS: Notice that Carol McAtee is again listed as their "independent auditors" on the S-8. Remember a few months back when they essentially blamed McAtee for their earnings restatements and claimed they had "approved" hiring Aidman Piser as their new auditors? I guess we'll have to keep parsing their words, since "approving" something and actually doing it are apparently two different things in SeaViewSpeak.
http://www.sevu.com/032502.htm
Insiders "bought" SEVU stock for two reasons: a) to provide enough cash to prevent (or at least delay) the company from going belly up, and; b) they were forced to accept stock in lieu of salary due to the cash crunch. In other words, now as always, stock is SeaView's primary currency. Is there some reason why you seem to be among the last to recognize that fact?
Wall Street Journal article also names SeaView as possbile Elgindy target:
Terror Probe's Long Tendrils
Reach Into Wall Street's Fringe
By MICHAEL SCHROEDER, GARY FIELDS, IANTHE JEANNE DUGAN and AARON ELSTEIN
Staff Reporters of THE WALL STREET JOURNAL
The investigation that led to charges against five people, including a current and a former FBI agent, with using confidential government data to manipulate stock prices was an almost accidental result of probes into the Sept. 11 terror attacks and to some degree convicted spy Robert Hanssen.
Authorities began looking into the activities of Anthony Elgindy , an Egyptian-born investor who was among those indicted, as part of the wide-ranging net cast by investigators looking for potential financiers of Muslim groups with links to terrorism last fall, according to a Federal Bureau of Investigation official.
That inquiry found nothing connecting Mr. Elgindy with terrorist groups or their financing, but eventually led authorities to believe he was getting information from FBI insiders, who clued him into confidential data about public companies facing criminal problems or investigations. So close was Mr. Elgindy to Jeffrey Royer, the former FBI agent charged in the case, that Mr. Royer wrote a letter identifying himself as an FBI agent vouching for Mr. Elgindy's help "in combating fraudulent activities via the stock market and Internet."
The indictment, which alleges that he used the information from two rogue federal agents to target stocks and to extort free or cheap stock from companies, puts the spotlight on investors and companies operating on the fringes of Wall Street.
Mr. Elgindy , a widely followed but controversial stock trader and commentator on the Internet, was known for mostly taking aim at very small companies with little revenue or earnings. Many get no attention from analysts at big investment firms, and don't even trade on a stock exchange, but rather are quoted on the OTC Bulletin Board, a quotation service for tiny stocks. As a result, they often are thinly traded -- with relatively few shares bought and sold each day -- and thus are easier to manipulate than bigger stocks.
The origins of the FBI's terror-related interest in Mr. Elgindy are unclear. But it might have stemmed from a tip that was provided by angry executives from small companies who banded together to fight him for wreaking havoc on their stock by short-selling -- selling borrowed shares in hopes of turning a profit if the stock falls.
After Sept. 11, these executives approached the FBI with a tip about Mr. Elgindy's possible short-selling of key industry stocks ahead of the terrorist attacks, the executives involved said. His adversaries also pointed out that Mr. Elgindy is a Muslim whose brother, Khaled Elgindy , is active in Islamic advocacy groups in Washington. Khaled Elgindy delivered humanitarian aid to Iraqis in May 1998 with a U.S. group called the International Relief Association, according to news accounts at the time.
A person with knowledge of the probe said the Securities and Exchange Commission also looked into whether Mr. Elgindy profited from the attacks, but found nothing untoward. Neither did a Justice Department inquiry, an official said.
At some point last year, however, the FBI's interest into Mr. Elgindy morphed into a securities-fraud investigation of his trading patterns. Last fall, the FBI got in touch with the SEC for help in analyzing his trading records.
Piquing the investigators' interest was the quality of the information he was putting out over the Internet about companies he focused on. Some of it seemed to make references to criminal histories that could have come from the FBI's National Crime Information Center database, while other tidbits seemed to come from the FBI computerized case-file system.
"A lot of that information would be considered insider information and could impact companies and stock prices," said the FBI official. "It didn't take much to figure this information is coming out of our confidential files."
Once authorities realized that, they began focusing the investigation internally by tracing who inside the FBI was accessing the databases. FBI agents are given individual passwords and logons to use the systems, and there are electronic trails every time they access the databases. In the aftermath of the Hanssen spy case, the agency has become much more diligent in tracking who accesses what internal computer files and why.
"Computers are a dangerous thing," noted another FBI agent familiar with the case. "You can tell who is looking at what cases. And in this case, it raised the question: Why in the hell would somebody in Albuquerque be looking at some of these cases?"
The investigators had additional suspicions raised when one of the accused Albuquerque-based agents, Mr. Royer, left the FBI last Dec. 21 to work for Mr. Elgindy . "That definitely raised some suspicions," the agent said. It was apparently around this time that Mr. Royer wrote the letter supporting Mr. Elgindy's effort to be released early from a three-year probation sentence for mail fraud in an unrelated matter, saying that Mr. Elgindy "has gone above and beyond to assist law enforcement and civil regulatory agencies." The letter adds, "His insight and technical abilities have been directly responsible for providing valuable information resulting in eight major investigations."
The letter, which isn't dated but bears a fax stamp dated Dec. 27, 2001, was included as an exhibit to a civil suit in San Diego County Superior Court between Mr. Elgindy and his former lawyer, Matthew Tyson. (Mr. Elgindy's motion to be released from probation early was denied on Jan. 31, according to the clerk's office in the federal court in Fort Worth, Texas.) A lawyer for Mr. Royer declined to comment on his client's indictment or on the letter.
After Mr. Royer left the FBI, the agency watched him, while also keeping an eye on information that was being accessed, which later led to a second FBI agent in Albuquerque, Lynn Wingate, who also was charged in the case, the agent added.
In December, Nuclear Solutions Inc., based in Meridian, Idaho, one of the companies targeted by Mr. Elgindy , complained to the FBI about his activity, according to a person familiar with the matter. Mr. Elgindy , using information passed on to him by a former FBI agent, told subscribers to his Web site that an executive at the company was a "convicted felon."
Nuclear Solutions, which had zero revenue last year and a net loss of $1.3 million, according to its annual report, was typical of the companies that Mr. Elgindy targeted. Its stock was traded for about $3.30 a share in mid-December on the OTC Bulletin Board when its shares began being shorted around Dec. 19. The stock currently fetches $1.08, and the company's total market value is about $11 million. Officials at the company didn't return calls seeking comment.
Nuclear Solutions was the only company named in the indictment as one in which Mr. Elgindy used confidential government information to try to knock down the shares. But the indictment alleges that Mr. Elgindy used confidential information on five other companies.
In addition, Mr. Elgindy had many other short-selling targets in the past. One was SeaView Video Technology Inc., a St. Petersburg, Fla., maker of underwater video cameras. SeaView had $732,000 of revenue last year and a net loss of $2.8 million. Its stock trades for 35 cents on the OTC Bulletin Board, and the company's market value is about $11 million.
SeaView said that Mr. Elgindy once called saying that he was a reporter seeking information about the company, but didn't connect him with short-selling in its stock. No evidence has been released that Mr. Elgindy's short-selling resulted from an FBI probe into the company.
Mr. Elgindy has never been one to mince words about stocks he doesn't like. On April 3, he posted a message on Silicon Investor, a popular Web site for discussing stocks, calling Golden Star Resources Ltd., a Littleton, Colo., mining company, "a complete and utter turd." It isn't clear if he sold the stock short.
The stock traded for $1.42 on the OTC Bulletin Board at the time Mr. Elgindy posted his comment, and now fetches $1.96 amid a broad rally in mining and gold-related stocks. Golden Star Resources Chief Executive Peter Bradford says he doesn't believe he has ever spoken with Mr. Elgindy , although he said it is possible the two talked by telephone. "I get calls from brokers all the time and I hang up on them," he said.
On occasion, Mr. Elgindy would target somewhat larger stocks. In late March, he told readers on Silicon Investor that Aksys Ltd. was "overvalued" and two days later he posted a report on his Web site, Insidetruth.com, about the Lincolnshire, Ill., maker of dialysis equipment. Aksys shares traded for $8.78 on the Nasdaq Stock Market at the time Mr. Elgindy made his remarks. They currently fetch $5.81, giving the company a market cap of about $147 million. Aksys Chief Executive Bill Dow says he never spoke with Mr. Elgindy and adds the report published by the trader contained inaccuracies and quoted him out of context.
Write to Michael Schroeder at mike.shroeder@wsj.com, Gary Fields at gary.fields@wsj.com, Ianthe Jeanne Dugan at ianthe.dugan@wsj.com and Aaron Elstein at aaron.elstein@wsj.com
Updated May 24, 2002
NEWS FLASH!!! DOW JONES REPORTER SPECULATES THAT SEAVIEW MAY HAVE BEEN TARGETED IN ANTHONY@PACIFIC'S ALLEGED SHORT-SELLING SCAM:
The Shock That Shook The Shorts
23 May 08:00
By Carol S. Remond
A Dow Jones Newswires Column
(This report was first published Wednesday afternoon.)
NEW YORK (Dow Jones)--Call it the shock that shook the shorts. The tight-knit community of investors who make a living by betting that stocks will move lower received a lightning-like bolt Wednesday when federal officials arrested Anthony Elgindy, one of the best-known short sellers on Wall Street.
Elgindy was charged with a slew of securites-related offenses and, according to the federal indictment handed up by a Brooklyn, N.Y. grand jury, employed two agents of the Federal Bureau of Investigation to help him do so.
The alleged scheme involved Elgindy using the FBI agents to get non-public, often criminal background, information about executives at companies that he would sell to subscribers of his Internet-based service. He would allegedly later more broadly disseminate that information via Internet chatroom postings in an effort to make the target company stock prices move lower, therefore financially benefitting him and others who bought his information, all of whom had already shorted the stock.
The shock of one of their own getting arrested is bad enough. But here's some language from the indictment that has some short sellers scrambling for more information: "In order to maximize the adverse impact on the prices of certain stocks that he sold short...Elgindy communicated with other short sellers nationwide, including short sellers" in the New York area.
And later in the indictment: Elgindy, "together with others, traded on material, non-public information." The indictment mentions by name one company that Elgindy targeted, Nuclear Solutions Inc. (NSOL). The indictment says there were five other companies in which manipulation occurred but it didn't name them.
It's those five companies that short sellers are trying to figure out and whether they have any exposure to what happened. The timeframe of the events described in the federal indictment and an examination of public reports on one of Elgindy's websites, insidethruth.com, and email messages sent to subscribers of anthonypacific.com, suggest that the other companies may have been: Seaview Video Technologies Inc. (SEVU); Universe2U Inc. (UTOU) or possibly Ijoin Systems Inc. (IJON); Vital Living Products Inc. (VLPI); Duct Utility Contruction & Technologies Inc. (DUCT) and Eagle Building Technologies Inc. (X.EBT, formerly EGBT).
Officials from the companies were not available for comment.
A lawyer representing Elgindy wasn't immediately available for comment.
-By Carol Remond 201.938.2074; e-mail: carol.remond@dowjones.com
(END) DOW JONES NEWS 05-23-02
08:00 AM
Where have you been? I'm running for President and CEO.
You have no way of judging whether it's balanced unless you see all the posts that get "removed." You want the job?
You forgot to tell 'em the rest of the story, yeprr:
http://ragingbull.lycos.com/mboard/boards.cgi?board=SEVU&read=46817
-shamus the b u t t zit
No more attack posts, please. This board may be dead, but just like in real life there are still cops everywhere, waiting to pounce on lawbreakers.
-Wyatt Earp Shamus
Nah. Sorry, not SeaView.
"Black-and-white images captured by the cameras will be fed to screens in the cockpit VIA THE CABLES used to distribute pictures to seat-back video screens."
Hidden cameras to monitor aircraft passengers (not SeaView cameras, of course):
http://www.newscientist.com/news/news.jsp?id=ns99992256
Rich McBride always insisted that he never sold any of his 7,530,000 shares of SEVU. If that's true, why does SEVU's amended 10-K (filed today) disclose that McBride's estate only holds 2,070,709 shares as of April 22, 2002?
http://www.edgar-online.com/bin/cobrand/finSys_main.asp?formfilename=0001108017-02-000365&x=20&a...
http://ragingbull.lycos.com/mboard/boards.cgi?board=SEVU&read=46644
What am I wrong about? Mis-characterizing what I said does not make me wrong.
Those who need spoon-feeding will surely choke on bigbizz' pablum. The proposed class action lawsuit is alive and well as of this moment. Two of Rich McBride's heirs have been named as defendants in the suit.
If you don't think SeaView has already been involved with venture capital firms, take a look at some of the 144 filings.
Frank:
On the issue of SeaView's issued and outstanding shares, this is what they reported in yesterday's 10-K:
"As of April 12, 2002, there were outstanding 30,932,096 shares of Common Stock. The aggregate market value of the voting stock held by non-affiliates of the Registrant based on the last sale price reported on the OTC Bulleting Board as of April 12, 2002 was $7,114,382." The 10-K also lists treasury stock, as of 12/31/01, as 353,575 shares totaling $277,757 at cost.
On 11/13/01, you sent me a copy of an email, purported to be from the company, claiming, in part:
"As of the date of this statement, the Company holds 33 million (33,000,000) shares of restricted common stock in treasury, in the Company’s name, which are not considered issued and outstanding for purposes of calculating fully diluted earnings per share."
Do you have any explanation for why the 10-K fails to address this so-called "treasury" stock?