Manchester Inc (fka MNCSQ)

[Buckey]

ALSO nEWS IN vAN sUN.

Anyone like to apolgize to me now or perhaps thank me

Van Sun says Manchester the latest OTC-BB car wreck

2008-03-17 09:39 AT - In the News


The Vancouver Sun reports in its Saturday edition that Manchester is another made-in-Vancouver OTC-BB promotion that has fallen on hard times. The Sun's David Baines, writing in Securities, says the stock was rigged. In November, 2004, the company announced it would acquire a chain of used-car dealerships that provided easy loans to credit-challenged customers. For almost two years, the stock rose nearly every trading session, regardless of trading volume or news, indicating that somebody was pulling strings behind the scenes. By October, 2006, the stock was peaking at $8. With a whopping market capitalization of $260-million, Manchester was an accident waiting to happen. Corporate secretary and director Richard Gaines took exception to this characterization. In an eight-page letter of complaint, he charged that the story contained "so many inaccuracies, innuendos and material omissions that one is led to the conclusion that [Mr. Baines has] ceased being an objective reporter and is on a mission to damage if not destroy our company." During the nine months ending August, 2007, Manchester lost $10.5-million. The stock crashed to 14 cents and the company has filed for bankruptcy protection.