Replies to post #6991 on Omega Commercial Finance Corp (fka OCFN)

[kd1911]

Their SEC filings show they have no money. They gave a trader $200,000 to buy back their stock? What evidence do we have of that? All their press release says is that they hired Syndicate Capitol, Inc to handle the buy back. It does not say that they gave them $200,000. I don't know for sure but my guess is they paid them with stock for this. Years ago when they were touting the "Omega Royale," this junker ship they were going to buy and turn into a casino ship for a total of something like $37 million they didn't have they hired a ship captain to head up their marine operations, but they never bought the ship, and then their captain got busted for having sex with little girls in the Philippines, sex tourism. (In fairness, the ship deal had probably fallen through long before that dude got busted, but they're sleazy and everyone they deal with is sleazy.) Look, they're always saying they're going to do something big but never do. That's typical OCFN. Has this zebra changed its' stripes? We'll see. They can't really own anything though as long as they owe millions in judgments. That's just reality. Their judgment creditors would take anything of value that they might obtain. Those with big judgments against Omega would love to have $200,000, or anything else of value. Omega owes millions in judgments and never pays on them, judgments that have been accruing interest for years. They're only reporting the judgment amounts on their SEC filings, not the interest that has been accruing. One judgment for well over $1.5 million from 2008 has been accruing interest at 11% per annum I believe. Do the math on on that. The interest on that judgment alone should be approaching a million dollars by now. Wouldn't you think these people owed so much money by Omega want to be paid what they're owed? Wouldn't you think they'd be watching to see if Omega has anything to seize, cash or property that could be sold?

[questionmicros]

This is Part of Yesterdays Press Release:

OCFN directed by its VP of Capital Markets, Dave Demarest, completed a private sale of 1,500 restricted shares of OCFN 18.25% Series 2020 Convertible Preferred Shares at $200.00 per share yielding $300,000 to the company.

This is material and requires reporting, yet there has been no 8k or Form D filed.

At current stock levels, $200,000 would allow the company to buyback between 50M and 100M shares. The company just reversed out all the shares in June 1:20,000, and it cost them the price of a filing.

Questions:

1) Is anyone questioning how all this stock that they are purporting to be buying back got on the market in the first place? On July 1, there was only approximately 29,000 shares outstanding. Then October 1, the company issued 40,000,000 shares to "their officer" and 10,000,000 to a subsidiary. Those shares cannot be sold without reporting the sale.

2) Wouldn't you agree then that all the shares (except for the 29,000 +/- post split shares), as of October 1, before the volume picked up, are owned by insiders (namely Jonathan Cummings)?

3) Has anyone seen any form 3, 4, or 5 filings?