OK sleuths, sink your teeth into this one..
I got the following email from an acquiantance who is very well versed in shells, and the seamy underbelly of the pink/otcbb market. "BHUB's easy to fix. A simple court order (cancelling shares) followed with a dividend spin off (I can find a shell to burn for $60,000)...it forces a market cover.
Florida law allows the cancellation of bogus shares via a court order. Seen it done a few times. Plus, the offending party would be crazy to contest in court as they could be arrested on the spot."
So the thought being, Yucatan could have their attorneys file a suit for a court order to cancel the billions of fraudulent shares sold by sparrow/wong/Select american. This would leave the brokers that sold the shares into the market completely underwater, and scrambling to make good on the shares they sold.
The Florida statutes relating to securities can be researched here. http://tinyurl.com/2dlpdq
I just started looking, but if we can find a statute confirming this, it would be a great head start for yucatan's strategies. Perhaps they're already on the ball here on this, but as far as the market goes, this info would help effect the squeezing of the brokers..
From that link above..
The 2006 Florida Statutes
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS Chapter 517
SECURITIES TRANSACTIONS View Entire Chapter
517.011 Short title.
517.03 Rulemaking; immunity for acts in conformity with rules.
517.051 Exempt securities.
517.061 Exempt transactions.
517.07 Registration of securities.
517.072 Viatical settlement investments.
517.075 Cuba, prospectus disclosure of doing business with, required.
517.081 Registration procedure.
517.082 Notification registration.
517.101 Consent to service.
517.111 Revocation or denial of registration of securities.
517.12 Registration of dealers, associated persons, investment advisers, and branch offices.
517.1201 Notice filing requirements for federal covered advisers.
517.1203 Allocation and disbursement of assessment fees.
517.1204 Investment Fraud Restoration Financing Corporation.
517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval.
517.121 Books and records requirements; examinations.
517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons.
517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons.
517.131 Securities Guaranty Fund.
517.141 Payment from the fund.
517.151 Investments of the fund.
517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, associated person, or branch office.
517.171 Burden of proof.
517.181 Escrow agreement.
517.191 Injunction to restrain violations.
517.201 Investigations; examinations; subpoenas; hearings; witnesses.
517.2015 Confidentiality of information relating to investigations and examinations.
517.211 Remedies available in cases of unlawful sale.
517.221 Cease and desist orders.
517.275 Commodities; prohibited practices.
517.301 Fraudulent transactions; falsification or concealment of facts.
517.302 Criminal penalties; alternative fine; Anti-Fraud Trust Fund; time limitation for criminal prosecution.
517.311 False representations; deceptive words; enforcement.
517.312 Securities, investments, boiler rooms; prohibited practices; remedies.
517.313 Destroying certain records; reproduction.
517.32 Exemption from excise tax, certain obligations to pay.