portrush
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Re: DR MP3 May 11 Important Hearing Info.
« Reply #4 on: May 12th, 2005, 3:47pm » <br>
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(Larry) thinks it is unusual that Urban would choose so many people, one after another, that would deliver nothing to getting the company reporting. All this money paid….how can we not have any knowledge of them delivering nothing?
Dr.D agrees, but notes that neither Desormo (sp?) nor Glenn was brought into the hearing as witnesses. If they were not giving information or not seeking the information…then you would think the SEC would have brought them in to show that the company was trying to hide information. He knows that Desormo (sp?) would have been responsible to compile information as the CFO—that was his job. We simply don't have the details, so it is hard to make a judgment or draw conclusions. We need to wait for the transcript.
Fax the owners group your share count at (903) 595-4249 or call for questions (903)-595-1921…questions about O/G or faxing the info.
One of the big questions hanging out there is how do we reach the thousands of other shareholders. That info is inside the company and the company will have to make that decision. The fact that we have reached 5000 from the boards is phenomenal, but there will have to be an effort to get things out beyond reaching through the boards. They do have the OBO/NOBO list so they could mail them. Perhaps the company will issue a PR thanking Frizzell and the O/G and that would get the word out.
There was a rumor that one of the top SEC officials was at the hearing but he has not heard anything for certain.
The fact that the SEC wanted to speak to the company about the NS issue, speaks very highly to Dr.D….especially when they made it quite clear that they wanted a revocation. Hopefully it indicates that the SEC is not necessarily is on a head hunt. Perhaps it indicates we will get the time we need to do the filings.
Dr.D was asked…if the SEC was trying to prove that CMKX was a pump and dump, why wasn’t the valuation allowed to be admitted as evidence? He doesn’t think the SEC viewed this as a pump & dump. He thinks initially, when they looked at us under the USCA umbrella…whatever they saw our documentation they must have seen something that was wrong. It is difficult to see why the judge ruled in some of the ways she did. He was puzzled by this as well and thought there should have been info on share structure and valuation admitted. The company had representatives that were professionals who could have come in and given a report to this. Wishes this info would have been admitted into evidence. Perhaps this was an oversight on CMKX’s part…but there is still the opportunity to turn in that evidence before she makes her ruling. Of course, these are all Dr.D’s opinion…and asks that you treat them as such.
Dr.D thinks that the one-sheet from Roger Glenn was something saying that no information was being submitted…but he just doesn’t know for sure.
It is sad to hear Rendell had such a difficult time remembering things…and the transcript will provide info regarding the questions asked of him.
(Cash) asked Dr. D. if he had any information about the uranium coming out of United Carina (sp?) and if there was any connection to CMKX? Dr.D says that is a good question…he is not for sure if that is in the same area. He does know that we do have a JV with them…and it might be a little early in our venture for them to be pulling out something this quick, but it is not impossible.
Cash spoke with Mike Williams and he was confident with the information they have to prove the NS and that they will be filing before she comes out with her ruling in July. Dr.D thinks they really could pull that off…since Ms. Herring said she could finish the reports within 90 days.
Dr. D has not found any credible information to substantiate some of the rumors out there regarding the meeting with the SEC. Right now, he thinks it was simply discussion over the NS, not necessarily any resolution to it…rather the company’s proof of it and the probability for it. If it turns out that the SEC is privy to proof of NS, then they have some obligations.
Someone asked, if our JV partners were paid in shares, that alone could have put us over the top. Dr.D says we have to wait for the transcript and/or the exhibits…but it does appear from his own DD over the last couple years, it does appear that UC loved doing business with shares rather than cash.
A lot of us may be disappointed because we hoped to come out of the hearing with valuation, share structure and more information that fills in a lot of blanks for us. It is unfortunate, but we need to wait for the transcript and see what we do have to work with. But due to the efforts of the shareholders and O/G, the judge just may give us all we need to file what we need to in order to remain a reporting company.
(Pink) In the hearing, the company said they made a mistake in filing the 15A-12g amendment. Does that mean they are going to pull that and we will become a non-reporting company on the pinks? Dr.D was confused with this as well…would like to see the transcript. He refers to PhoenixGold’s theory and that it may very well be correct and that therein may lay the answer for this.
Dr.D notes that the quarterlies have do NOT to be audited but the annuals do. So that might help us in our filings (getting them done on time) if we file as a pink sheet.
He is very confident. He thinks the hearing went well in spite of some of the things we didn’t get to see. We’re still trading, that’s excellent, and the judge has allowed us to give her information prior to her decision, and all that is good. He thinks the SEC sees that the company is spending the money to become reporting…and that they are going to have to deal with CMKX further down the line. (as a reporting company)
Dr.D is heading to the races in Commerce, Georgia this weekend. [so is portrush! ]
end.
Hope this helps!
portrush
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