Was perusing the RB board and came across the following by "oregonluvr". This particular post bears posting here.
oregon, send me an email @ rbtlamb@aol.com
By: oregonluvr
09 Jul 2004, 01:36 PM EDT
Msg. 44694 of 44699
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How one of the scams works:
Balak sends ten million plus shares of Power to off-shore accounts which he, or a straw man controls.
After a cooling off period of time, the offshore account registers the stock for sale with the SEC (ie Global Alliance Partners - Switzerland. May 7,2004 SEC Filing).
July 2, 2004 Power issues press release about "Win" in court. "Defendant (AS) ordered to sign patent". Press release comes out in early a.m.
July 2, 2004 Power trades over 2 million shares (when the normal volume is an average below 10 thousand). Balak feeds the market. Although only at 3 to 4 cents, not to worry he has millions more already and could always print more, at least until his "resignation" of July 1, 2004. This is a re-hash of the Wolf Meyerfeld fiasco (for the stockholders)when Balak voted him out and returned to the helm 3 months later. Unfortunately for Balak Meyerfeld is an honest man. If the new president B. Walter is an honest man he may not stay too long. If Walter turns out to be a Balak clone, expect to see him embroiled in the courts.
July 2, 2004. Power issues a retraction of its a.m. press release in its entirety. Evidently a very angry judge saw the light and not only did not force AS to sign the disputed patent application but dismissed in its entirety all the other Power claims for injunctions, etc. AS is free to do anything until the matter is resolved in the October trial. Incidentally, the October trial will probably be heard by the same judge. SCORE: AS 1 : LB Minus 0.
Unfortunately, during the 6 hours between the first press release and the retraction of same enabled Global (Balak) to pocket some bucks. It is curious that the broker handling the deal, Golden Capital Securities in Vancouver, has a number of Balak accounts under different names. It is somewhat unusual for a Swiss shareholder company to sell its shareholdings in Power at a very small brokerage that Balak deals with and is located in the same building in Vancouver where Balak had an office up until the time he moved the Power corporate offices into his basement at home. The money he charged to Power for rent helps with the mortgage payments.
An axiom in law enforcement is "Follow the Money".
AI
