Okay, so here is the poop.
First, talked to the transfer agent (Bobby). Bobby tells me that they only have one phone number and that the second phone number, which is paid for by Bederra, is not theirs. Bobby claims Bederra once paid for that line but no longer. But when I called Bobby back later on that second line he answered the phone and he told me Bederra must have forwarded the line to them. So…Bederra is supposedly spending investor money paying for a phone line to an unrelated/unaffiliated transfer agent. I wonder if they will pay for mine too.
I asked Bobby how he was notified of the changes and he said the company sent him a note. The new authorized shares did not come via the state or come via a copy of the filing with the state.
Interesting.
Bobby did tell me how he calculates float and it is not the same way the industry calculates float. According to Bobby float is calculated based on how many shares are theoretically held at the DTCC regardless of ownership. If a shareholder holds the stock in physical form it is not considered part of the float. Bobby was not at all concerned over the fact that as a transfer agent he was using a definition of float that is widely dissimilar to the definition used and recognized by the industry.
I then called and spoke to Graham. He doesn’t like me much.
He wasn’t very forthcoming with information but did tell me that the company filed with the state last week and asked me how long I think it takes for the filings to be in the system.
I didn’t have the answers so I called the state. The clerk I spoke to said 3-4 days unless there are issues with the filing. I asked whether a filing made last week would be up by today and she again said, most certainly unless there were issues.
I asked Graham about a different series of stock and he told me to deal through his lawyer, that he knew who I was and what I was up to.
I did not have time to inform Graham that his insight of what I was up to is misguided and that my trading records will prove that I have never owned his company stock long or short and I can prove that there has been no ‘side income generated’ by his fictitious beliefs of who I am.
If the company is on the up and up and doesn’t want people like me to question them, they should come clean on verifiable facts instead of innuendo? Time will tell about this share structure but as of right now, nothing can be verified with the state and it is past the normal cycle recognized by the state.
Is it my fault Bederra is 2-years delinquent in their filings and is theoretically spending their money buying back stock instead of paying a good auditor to come up with SEC filings that will avoid a revocation of their registration?
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