Replies to post #124838 on Bancorp International Group Inc (fka BCIT)

[MONEYMADE]

MR. BURNS REPLIED:

"Not how this works. I’m sure by now you’ve seen that the SEC has officially requested Mr. Megas to complete the filings. If and when he does this and the SEC is satisfied, the DTCC will revisit the global lock at that point. As I stated numerous times before, the Senate Finance Committee cannot force the DTCC to do anything."



LOL....Thanks!

If not we'll see them in court.

[mastaflash]

"the SEC is satisfied, the DTCC will revisit the global lock" -- Bogus. Two things.

First, DTCC does not care, nor do they have authority or mandate to verify SEC filings or lack of same. Imagine if the DTC unilaterally suspended clearing services as it saw fit, for any company late on filings. Pandemonium.
( Another point on this...how is it they saw fit to clear BCIT in 2005 when Pino was running the show. Delinquent filer then, were they not? )

Second, ....revisit global lock?....long battle ahead me thinks.

[zxc]

REvisit...that means they've been there before. The difference this time are the watchful eyes focused on the DTCC. I'm really curious to see what will happen after Megas submits his filings. Will they come up with another excuse...stalling tactic...or what else to prevent BCIT from trading?

What an abuse of power!!!

[op9171787]

The 2nd message I received from Senate Finance Committee guy KYLE BURNS is more 'ominous' than the first, and reveals the smokescreen that the DTCC has put up here to a great degree, and tells us basically what the DTCC is using to keep from lifting the lock.

Here is PART of the message:

Mr. Hxxxxxx,



No. Simply put, the DTCC feels that they hold counterfeit shares and will not release anything until they’re satisfied to the contrary. They do in deed need to update their filings as clearly stated by the agency directly responsible for the securities industry. Nobody is above the law, nor claims to be and when the CEO completes his filings all entities will reexamine the issue on whether the stock can trade again.

(SNIP)...

(my bold)

[Stock]

The path is pretty clear, and the first step is a big one:

"...the SEC has officially requested Mr. Megas to complete the filings..."

The responsibility lies with the SAME PERSON it has always come down to.

That's the current pressure point for shareholders, not politicians, or the DTCC, or the Easter Bunny.