I posted some time back questioning several things. If you bought shares which turned out to be fraudulent, counterfit or naked short shares. And it came down to the wire is your problem with BCIT (Megas) or with your brokerage.
Some were not very happy with this post, and began beating their chests about how they had bought shares, paid good money, and had them show up in their accounts. Therefore they had shares and expected full value for them.
Well we are down to the wire, and reality is hitting the fan. needless to say it is not being distributed evenly.
Think about a few things here. I like many use E Trade. I never asked for, or recieved certificates. My shares would have been held in the street name of E Trade, like most shareholders at verious brokerages. As a side note, could you even guess as to what it has cost just to compile all of this personal info from brokerages, much less all of the other logistical expenses.
Where is Megas really trying to go here? It has already been established as to who counterfitted shares. Question, how were they put into circulation? By whom? And through what brokerages? Would seem to me that at this point, anyone who was involved in washing these counterfit shares would have since been out of this loop. Cannot believe that any of them would still be holding onto any. Defeats their purpose, not to mention not to bright.
So that leaves only people in possesion of shares who bought them legitimitly on the open market, via brokerages. It is not illegal to buy something which has been stolen, or is fraudulent. Unless you do so knowingly. How could anyone even have a clue as to how or where a brokerage comes accross the secutities it sells? So just why is Megas wasteing our time and money? At this point the only beef he may have would be with brokerages, not investors.
One thing for sure, he will know how many shares are in the open market, he will know who has them, he will know whom (brokerages) they came from. Still leave two issues, counterfit, and naked shares. Is it a safe bet that they alredy know which borkerage, or brokerages the counterfit shares were filtered through.
While I am no attorney, but I must question since when the hell do you sue an entire group of people whom did nothing illegal?
Sure you want to obtain information, but it seems to me, he would already have this info. What am I missing here?
One more time, any problem we have is with our individual brokerages for selling shares which they could not deliver. God only knows how hard they must have prayed that this whole mess would just blow over via another broken company. so they were wrong. I almost say big deal... What will it take to get them to pony up? How many share holders have the resources to pursue this to furition? How many have enough at stake to be worthwile?
I really think Megas is in the process of what I stated a long time ago. Clean up the mess, getting total control of his company, as it was. And paving the road for share holders to pursue as they are inclined. Sorry to say it, but I think we will find ourselves sitting on the sidelines here rather soon.
Know I don't know about any of you, but in my business I do fill out forms from time to time which ask if I have ever been sued. In this case the answer would be yes. Which would require an explanation. Not happy about that. Someone referred to a deflamation of character suit earlier. I wonder how Megas would respon to over 1200 countersuits for deflamation of character?
Or better yet forget the countersuits. Just over 1200 law suits fro deflamation of character from over 1200 different jurisdictions around the world? Just might be a thought worth considering. And that comes from a guy who does not believe in running around sueing people.
Just a few thoughts.
Have fun,
AI
