Pinnacle Business Management (Prev SRCI)

[janice shell]

More on USXP and naked shortselling, from the deposition of Hugh Beck of the SEC:

H. False Statements Concerning Naked Short Selling

62. A September 23, 2003, Universal press release suggested that "naked short selling" could have artificially depressed Universal's stock price. [Exhibit 46]. In early October, Altomare indicated in an interview that without the downward pressure of "naked shorting" Universal’s share price would be much higher. [Exhibit 47]. In a subsequent interview with Dow Jones Newswire, Altomare stated that Universal provided the SEC with 11,000 to 12,000 pages of documents in response to a subpoena requesting documents relating to short selling of Universal shares. [Exhibit 48]

63. In fact, Universal’s total production of documents in response to that SEC subpoena was only 295 pages, none of which provided evidence that investors or brokers were intentionally failing to deliver Universal shares as claimed by Altomare when he claimed there was naked short selling of the stock.

64. Also, it appears that at the time there was only limited naked short selling of Universal stock. As of September 30, 2003, the total "fails to deliver" at National Securities Clearing Corporation were only 370,929 shares or .067% of Universal’s 552,027,232 shares outstanding on that date. [Exhibit 49] In addition, none of Altomare’s statements regarding naked short selling disclosed Universal’s issuance of nearly 400 million Universal shares pursuant to the illegal funding scheme for Universal detailed herein whereby Universal stock was re-sold into the market.

For all of Beck's testimony, start here:

http://ragingbull.lycos.com/mboard/boards.cgi?board=STAC&read=53413