Just spoke with Chris, read.by: Bo14172

[hexges]

Posted by: Bo14172
In reply to: None Date:10/28/2004 7:28:22 PM
Post #of 20466

Just spoke with Chris, please read.

She is in Vegas and in preparation of the party. Nonetheless we had a long talk and she was willing to cover points to reassure us in this situation.

Roger Glenn is most definitely on top of this.

This was not expected BUT IT IS NOT A CONCERN AS THEY HAVE DONE NOTHING WRONG. It is her opinion, but I sense a concensus of thought among the leaders that this is clearly an attempt by the MM's to put the brakes on a stock which is doing quite well for itself. She states sarcastically that it's totally ok for stocks to be illegally shorted from $5 to $1 and nothing is said, but we can't let a stock rise from $5 to $15 and try to move to a bigger exchange can we?

All of their reporting and any valuations they have made are in accordance with GAAP (generally accepted accounting principles).
She states they are in compliance with reporting and accurate in their pr's as to company activity.

She said there simply have been more buys than sells based on good news and value, nothing more, nothing less. She said Mr. Williams sold some stock at ~$4.85 and she knows he is kicking himself for doing so based on the recent rise.

Speaking for herself only, she is angered by this, but not concerened. She assured Roger Glenn is preparing an answer and questions (the legal lingo is 'interrogatories') for more specifics, which is what I posted earlier today that he may do.
He will get back to her with any updates on the matter.

She is continuing to believe that the good people invested in this stock have as much right to good financial fortune in their lives as the MM's do.

I let her go to continue her preparation work with about 20 others at that point.

She said to keep the faith.

I have and I will.

We have Atty Glenn and the firm of E & A serving as his support on this. Litigation and injunctions occur in life. Nope, they aren't fun, but they spring up every day in the business world. Chris's assurance matched with Atty Glenn's expertise is why my words to everyone are to remain calm and "there are 2 sides to every story". It is assuring to me that Atty Glenn is the one telling our side.

Be well, Bo

[fastwalker]

Hey Hex...why not sticky this so everyomne has a positive "point of view" on today's events..thanks nice find and well thought out by the author's questioning of Chris...

[kenshin7]

great post hex thanks , i feel a whole lot better now

[fastwalker]

:oPosted by: hoby111
In reply to: Billy9565 who wrote msg# 20465 Date:10/28/2004 9:31:06 PM
Post #of 20515

Billy (& All), re: Suspensions...

Frankly, reading this article re: suspensions makes me ill, as this is far worse than a halt. Nevertheless, to answer your question, as you will see below, a suspension is UP TO 10 days, so it seems to me the SEC has the authority to override the suspension should they choose to:

Trading Suspensions!
When the SEC Suspends Trading in a Stock

The federal securities laws allow the SEC to suspend trading in any stock for up to ten trading days. This document answers some of the typical questions we receive from investors about trading suspensions.

When can the SEC suspend a stock from trading?
When it serves the public interest and will protect investors, the SEC may suspend trading. For instance, the SEC may act when public information about a company is not current, accurate, or adequate. The SEC has acted when serious questions arose about a company's assets, operations, or other financial information.

Why couldn't the SEC forewarn me that it was about to suspend trading before I bought the security in the first place?
The SEC cannot announce that it's working on a suspension. We conduct this work confidentially to maintain our effectiveness and to guard against the destruction of evidence if our work becomes widely known. Confidentiality also protects a company and its shareholders if the SEC ultimately decides not to issue a trading suspension. Mindful of the seriousness of suspensions, the SEC moves as quickly as possible when it considers a trading suspension.

What happens when the ten-day suspension period ends? Will the SEC issue a statement about the status of the company after the suspension has ended?
No. The SEC will not comment publicly on the status of a company when the ten-day suspension ends because the company may still have serious legal problems. For instance, the SEC may continue to investigate a company to determine whether it has defrauded investors. The public will not know if the SEC is continuing its investigation until the SEC publicly announces an enforcement action against the company.

Will trading automatically resume after ten days?
It depends on the market where the stock trades. Different rules apply in different markets. For stocks that trade in the OTC or the over-the-counter market, trading does not automatically resume when a suspension ends. (The OTC market includes the Bulletin Board and the Pink Sheets.) Before trading can resume for OTC stocks, SEC regulations require a broker-dealer to review information about a company before publishing a quote. If a broker-dealer does not have confidence that a company's financial statements are current and accurate, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company's stock. In contrast to OTC stocks, stocks that trade on an exchange or Nasdaq resume trading as soon as an SEC suspension ends.

If the suspended stock resumes trading, why is it trading at a much lower price?
The trading suspension may raise serious questions and cast doubts about the company in the minds of investors. While some investors may be willing to buy the company's stock, they will do so only at significantly lower prices.

Why would the SEC take such action when it knows it will hurt current shareholders?
Because a suspension often causes a dramatic decline in the price of the security, the SEC suspends trading only when it believes the public may be making investment decisions based on false or misleading information. Suspensions give notice to current and potential investors that we have serious concerns about a company. A suspension may prevent potential investors from being victimized by a fraud.

How can I find out if the stock will trade again after a suspension?
You can contact the broker-dealer who sold you the stock or a broker-dealer who quoted the stock before the suspension. Ask the broker-dealer if it intends to resume publishing a quote in the company's stock.

If there is no market to sell my security, what can I do with my shares?
If there is no market to trade the shares, they may be worthless. You may want to contact your financial or tax adviser to determine how to treat such a loss on your tax return.

What can I do if the company acted wrongfully and I have lost money?
To get your money back, you will need to consider taking legal action on your own. The SEC cannot act as your lawyer. You must continue to pursue all of your legal remedies. For more information about how to protect your legal rights, including finding a lawyer who specializes in securities laws, read our flyer, How the SEC Handles Your Complaint or Inquiry. To learn how to file an arbitration action against a broker-dealer, you can contact the Director of Arbitration at NASD or the New York Stock Exchange. NASD and the NYSE also offer mediation as an option before going to arbitration.

Where can I get information about trading suspensions?
You can find a list of companies whose stocks have been suspended by the SEC since October 1995 on our Web site.

www.sec.gov/answers/tradingsuspension.htm

[fastwalker]

hope everyone reads and understands what a suspension means.

Let me give you the reality of the situation. If a Market Maker does not file a 15c2-11 quickly, after 10 days the stock will trade on the pinksheets and only 3 Companies in the History of de-listing have made it back to their original board, also it takes many months and costs to do so.