FRIDAY the 13th OMG - GVRP happened on Friday 13th - what a wild coincidence if the same happened here.
What is GVRP? The greatest mistake ever made on any stock exchange in any country at any time ever in the world!
Our wonder SEC who wrote their own rules discarded the play book and their own rules when it suited them- Question-> Is someone who writes their own rules who then violates their own rules fraudulent? YOU DECIDE!!
A stock with an OS of 11 and a FLOAT of 1, a Maximum Authorization of 100M shares coming off a 6.5M to 1 reverse split, with a 3M to 1 FORWARD SPLIT hitting the daily list on May 13th 2004.
Insiders, friends of insiders, and market makers sold more than 120,000 shares of stock prior to the effective date of the forward split. If they fully expanded the share structure they were legally allowed to sell only 33 shares.
Question: How do you buy back 120,000+ shares of stock when only 33 shares existed.
Answer: You dont/cannot. You call me and offer me a penny a share, I curse at you and slam the phone in your ear! You calleack and offe a nickel, I do the same, You call me back and offer ONE DOLLAR so I sell you 100 MILLION shares! You only have to buy back 2.9 BILLION shares from me yet! I will give you another 1B at $10 a share!
Since market makers and brokers (representing the stupid pre-FS sellers who would have went bankrupt) were beyond desperate they convinced the SEC to meet with them, and then to suspend the stock due to questions about it shares structure on the date (a Thursday) the due bills were "due" since it would be impossible to satisfy SEC regulations on selling a stock with a large dividend in advance of the dividend. The SEC committee decided to not enforce their rule on selling dividends early and suspended the stock and sent it to the grey sheets (below pink sheets). They then allowed the friends of the new CEO (the main insider) to keep their profits of selling non-existant stock and never made them cover the dividend due bill (because to do so was impossible). The company back dated a document increasing the Max OS after the due bill date by writing an earlier date on the Florida SOS filing. That is ILLEGAL- the official date is the date stamped on the document by the Florida SOS when the document was received and filed.
The SEC is looking out for you! Don't buy that BS!!
