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Post by bluediamonds on Mar 21, 2005 19:00:32 GMT -5
New Info From CMKX's Lawyers (Drilling, SEC, etc.) Here is some info from CMKX's lawyers on the latest SEC proceedings and other matters (some of which is new): Donald Stoecklein, an attorney representing CMKM, said the hearing notice is the logical step after the company itself reported discrepancies in previous filings.
"The company, more or less, expected this," he said.
On Feb. 11, the company announced a "corporate strategy plan designed to dramatically and comprehensively transform (CMKM's) internal corporate governance." Stoecklein said that process is proceeding.
He also indicated that the hearing notice is unrelated to the previous suspension of trading.
"It has nothing to do -- in our knowledge -- to do with that," Stoecklein said.
The SEC's order suspending trading said: "Questions have been raised about the adequacy of publicly available information concerning, among other things, CMKM Diamonds' assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management."
Shares of the company returned to trading last week, but Stoecklein declined to comment on the circumstances surrounding that matter.
He did say, however, that the CMKM is a viable company actively conducting mining exploration.
"You will see in the future some filings and information the company puts out to confirm that," Stoecklein said.[/color] From the article posted at: cmkxdiamond.proboards32.com/index.cgi?board=general&action=display&thread=1111436282 |
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Post by Bart on Mar 21, 2005 19:03:17 GMT -5
;D ;D
Today: March 21, 2005 at 11:34:06 PST
SEC turns attention to LV diamond firm
By Kevin Rademacher
<kevin.rademacher@lasvegassun.com>
LAS VEGAS SUN
Las Vegas-based CMKM Diamonds Inc., which claims to be involved in diamond exploration in the Canadian province of Saskatchewan, has run afoul of the Securities and Exchange Commission.
Just two weeks after the SEC temporarily halted trading of the company's shares, the commission ordered an administrative proceeding and hearing into CMKM's failure to comply with reporting requirements.
In its order issued last week, the SEC claims that CMKM -- which was known as Casavant Mining Kimberlite International Inc. until February 2004 and trades on the pink sheets under the symbol CMKX -- has not filed a required annual report since May 9, 2002, or a quarterly since November 2002.
"In view of the allegations made by the Division of Enforcement, the commission deems it necessary and appropriate for the protection of investors that a public administrative proceeding be instituted," the order said.
The order also said that such a hearing will "afford the respondent an opportunity to establish any defenses to such allegations."
The possible outcome could include a 12-month suspension of CMKM's securities or an outright revocation of its securities registration.
Attorneys for the SEC could not be reached for comment.
The SEC order said that in 2003 CMKM filed documents with the commission indicating that it was terminating its registration -- thus ending its reporting responsibilities. Such a move is allowed for companies with fewer than 300 stockholders.
Earlier this year, however, the company filed new documents with the SEC indicating that it had 698 shareholders when it made the original 2003 filing seeking a release from reporting obligations.
CMKM has 20 days to respond to the order, and an administrative law judge has been instructed by the commission to issue an initial decision no later than 120 days from the March 16 date of the order.
Donald Stoecklein, an attorney representing CMKM, said the hearing notice is the logical step after the company itself reported discrepancies in previous filings.
"The company, more or less, expected this," he said.
On Feb. 11, the company announced a "corporate strategy plan designed to dramatically and comprehensively transform (CMKM's) internal corporate governance." Stoecklein said that process is proceeding.
He also indicated that the hearing notice is unrelated to the previous suspension of trading.
"It has nothing to do -- in our knowledge -- to do with that," Stoecklein said.
The SEC's order suspending trading said: "Questions have been raised about the adequacy of publicly available information concerning, among other things, CMKM Diamonds' assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management."
Shares of the company returned to trading last week, but Stoecklein declined to comment on the circumstances surrounding that matter.
He did say, however, that the CMKM is a viable company actively conducting mining exploration.
"You will see in the future some filings and information the company puts out to confirm that," Stoecklein said.
Earlier this month CMKM issued a statement expressing surprise over the SEC suspension.
"The SEC did not provide us with any notice of the temporary trading halt," CMKM Chief Executive Urban Casavant said in a statement. "This was an unwanted surprise, especially since our counsel has had an ongoing dialog with the SEC."
In the same statement, CMKM said it had nearly 704 billion shares outstanding, held by 2,032 stockholders as of March 1.
That statement also requested that investors and stockholders "please refrain from contacting the company, the SEC, the (National Association of Securities Dealers), the transfer agent and/or (the company's counsel) Stoecklein Law Group to allow them to focus on completing the tasks at hand."
In a subsequent filing, the company backed off that stance.
"This request was not meant to discourage anyone from contacting the SEC, NASD or any other regulatory body with regards to any matter. The company encourages its stockholders to comply with all regulatory bodies and if necessary call or contact them at their sole discretion," the company said.
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Parts I liked most:
Donald Stoecklein, an attorney representing CMKM, said the hearing notice is the logical step after the company itself reported discrepancies in previous filings.
"The company, more or less, expected this," he said.
He did say, however, that the CMKM is a viable company actively conducting mining exploration.
"You will see in the future some filings and information the company puts out to confirm that," Stoecklein said.
;D ;D
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Post by Bart on Mar 21, 2005 20:00:34 GMT -5
;D ;D
By G Burns on another board:
From the Las Vegas Sun Article
Donald Stoecklein, an attorney representing CMKM, said the hearing notice is the logical step after the company itself reported discrepancies in previous filings.
"The company, more or less, expected this," he said.
On Feb. 11, the company announced a "corporate strategy plan designed to dramatically and comprehensively transform (CMKM's) internal corporate governance." Stoecklein said that process is proceeding.
He also indicated that the hearing notice is unrelated to the previous suspension of trading.
"It has nothing to do -- in our knowledge -- to do with that," Stoecklein said.
So, CMKM expected the hearing. Knew, by filing the amendment, that a hearing would happen. Thus the hearing is part of the plan.
Why would they want a hearing?
Every company this year that had these proceedings brought against them has been revoked except the ones that are still pending.
;D ;D ;D ;D
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