poker
Posted by: Art2Gecko
In reply to: kruy who wrote msg# 94323 Date:12/10/2007 4:21:40 PM
Post #of 94568
Megas has dealt with each hijacking in step, and is moving his company forward, despite the best efforts of the scammers who kept printing counterfeit BCIT shares. He's notified the regulators and authorities at each juncture. He's pursued who had money to be worth pursuing civilly, but criminally, I think it's up to the SEC and justice department to prosecute the counterfeiters.
Lets look at other companies whom are the victims of corporate hijackings, all those stocks that were handled by Select American Transfer, that had millions of bogus shares printed. Only a couple companies ever even showed up at the OSC hearings in those cases, as most of the "companies" didn't find it worth the effort to show up, or fight the fraud perpetrated against them.
In BCIT's case, Megas has personally paid to keep righting the shell, and is now almost current again with filings (none of those SAT companies can say that) and He'll push through with his plans for "Energy Source, Inc."
Let's look at his efforts to get BCIT trading. They try the share exchange last year, in the hopes of catching any bad certs (hello, Dewhurst, et al) still out there. He doesn't want to recognize (and rightfully so..) any bad certs that still may be out there. No sense in letting them profit off of their scam twice..
They meet with all the regulators and the DTC last December, and the DTC refuses to clear trades, unless BCIT recognizes the ~300MM cert they have for the carter shares. Sytner issues his famous "F$%^ Y#$" statement to the DTC at that prospect, so they go back to their attorneys and regroup.
Megas wants BCIT to trade, he has nothing against the folks who bought shares in the open market, but needs to find a way to segregate those folks from any of those who participated in the original counterfeiting. Thus.... we get the lawsuit in April.
The lawsuit was styled so that the attorneys and the court could determine who bought shares in the market legitimately (easy enough to prove with executions and statements from our brokers) Some mystery person even posted a template here on ihub sufficient for their needs. It was obvious to almost all that the lawsuit was a device meant to catch those who couldn't prove they'd bought in the open market, but stunningly, there were some, who were so sensitized to "being sued" without realizing apparently what the goal was here.
So perhaps 1000 plus people sent in their statements with proof of their purchases, and another 14 or so resisted and caused the lawsuit to be a non-cost effective method for singling out those who appear on a NOBO, but never bought in the open market (i.e. hold/held counterfiet certs, and were part of the original scam)
So again, Megas is faced with the prospect of dealing with the DTC, and the cert they hold.
Since Megas wants BCIT to trade as a vehicle for his business plans he has to come up with something..
His Attorneys suggest screwing everyone with a 1/1,000,000 reverse split and just be done with it. Megas knows there are plenty out here who would be crushed by that and apparently they reach an accord of the ~1/200 number, which first of all recognizes the 300MM cert the DTC has, yet severely reduces the amount of profit any of those bad guys might ever see. Additionally, the split is not so severe a ratio that it wipes everyone out, effectively. It was a comprimised solution unfortunately forced on Megas by the CROOKS at the DTC who continually fail to enforce the clear buy-in rules.
Again, lets see what he files here in the next 10-Q and probable 8-K, going forward.
I see lots of bitching about the reverse split, but I see little posted in the way of alternative methods he should have tried in getting the DTC to eliminate their bogus carter certs, forcing the required buy-ins, and clearing trades.
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