Replies to post #623 on Great Basin Gold Ltd. (fka GBGLF)

[billg711]

Yes I remember those days.

When GBN was on the OTCBB. The problem there was the specialist on that board did not have to sell you shares, even if your limit bid matched an ask price of an order, which came in from outside. For example I could put in a limit order to buy at say 0.55, and then see a trade execute at say 0.50, and I would never get my shares at 0.55. I complained to my broker and he explained that the rules were different on the OTCBB board, then on the NYSE and AMEX. The OTCBB specialist would set the price on GBN, that he would sell or buy GBN at, and that was the price you then had to buy or sell it at. It did not matter what the bid and ask orders for GBN were, coming in from individual investors. The specialist would also set the spread, of the bid and ask, to be quite wide, so he could make a good profit. In fact it was this wide bid and ask spread that you had to buy and sell to, not the bid and ask prices comming in from individual investors.

I use to call GBN Investor relations often, and then write up what I had found out, and posted it on the Bear Forum message board.

I remember the time GBN went below 0.50/share. I called Investor Relations, and they told me there was someone who had about 500,000 shares to sell, and he was using market orders, and this was when GBN was a OTCBB stock. Investor Relations got their information by contacting the broker of the person selling the shares. They refused Investor Relations offer of help in finding a buyer for the block of shares. GBN was driven down to about 0.27. I bought quite a few shares at 0.30.