If true, MAJOR SEC rule changes coming to the OTCBB:
Cool if this is true! No matter what though, Let's keep the heat on ... Do YOUR part RIGHT now ... if you have not done so already ... write YOUR letter today, in support of this by going to:
otcbbreform.org or stopmmmanipulation.com where there are form letters available there, or you can write your own. Also spread the word on this, far and wide, on every penny stock and chat board you can think of!
Check it out ... from the RB boards:
OT-FWIW-I found this of intrest-FWIW??
ragingbull.lycos.com
By: edde $$$
Reply To: None
Tuesday, 22 May 2001 at 9:32 PM EDT
Post # of 149762
Reply To: None Saturday, 19 May 2001 at 4:25 PM EDT Post # of
34742 Bottom of Form 1
Per the SEC, changes are coming for the penny market. The following information, if you
invest in penny stocks, you will find to be a breathe of fresh air. It's about time.:) Around
the first week of May, 2001, I read a post from someone who got an email back from a
guy at the SEC. I called the guy for questions. It turned out that naked
shorting/manipulation wasn't up his ally. However, we talked for 10-15 minutes about
nakedshorting/manipulation. He had to ask me exactly what naked shorting meant. I
explained the entire situation with information on the companies that are fighting the
"short", he was intrigued. He even said "wow, how do they do that" (sell virtual shares). I
said I could email you some "stuff". I did. A couple days later I emailed him to ask if he
could give me a name and a number of someone closer to the action. He did a little
better. I received a call from an SEC official on 5-15, that seemed to me, said maybe
more than she should have? I spoke to the same official on 5-18. Here is what she said. I
would like to mention the demeanor of this person I talked to - imo, gitty and excited to be
in the middle of this.:):) First, she said she has received 4,000 complaints from investors
about shorting/manip in the penny arena. Those 4,000, I'm not sure if that was the total or
just what she has seen. Obviousley, tons came from pcbm but the complaints were in
general. I did not inquire specifically about pcbm, but as I talked about all the companies
that are asking for cert pulls, companies doing dividends etc, I passed the name on of a
few companies. She is aware of all of them. Here is the current situation. She told me to
watch the SEC website for proposed rule changes for the penny market. She said she
wished they could have gotten them out already, but they should be out this summer. She
said they want feedback, ( I think that last 90 days) both positive and negative feedback. I
asked a few point blank questions, and to my surprise, they were answered - in flying
colors I might add.lol I asked if she thought that naked short selling is happening to the
point of manipulation. The answer was yes. She said "We are completely aware of what's
going on out there". I asked her to what extent are some issues being shorted. She said
"We are seeing indications where the short has gone beyond the entire O/S." Now, if she
would have laughed and said "No, there is no way the manipulation goes to that extent."
Mine, and all of our hearts would have sank. What this means is that, were not nuts to
have thought the mm's have been doing this to the extent we thought. We were right all
along. So we started talking about rules. First, for the otcbb market, rule 15c211 really
doesn't seem to be effective or enforced. There is a problem with it. MM's are not closing
out and going even monthly like they are suppose to. This is about when, w/o me asking,
she was giddy and told me she would love to tell me the changes in the proposal are but
she can't. In regards to pink sheets, worse yet. She said that the SEC doesn't govern the
buyback/go even stuff with the pinks but she said to the best of her knowledge there are
no rules pertaining to that with pink sheeters. She is aware that there is a "movement"
from us investors trying to nab the shorts. I asked her if she thought the mm's are aware
that "we" are onto them. She laughed and said "I don't know, I would think so." Asking
about the actual process of busting the shorts and creating a buy in, that was not up her
ally. But as we know, pcbm is right on the doorstep along with numerous other
companies. She told me I could call anytime, I will see if I could possibly get a name and
number of someone at the SEC who can talk about the mechanics of a buy in. She
brought up another rule that isn't being followed. Rule 153c-3. Yes, someone else is
being naughty too,lol your broker. They are required to have you sign a release in order to
allow the broker to lend your shares out with your margin accounts. Have you ever signed
one of those? She laughed and said "That particular rule isn't being followed." Now,
regarding the proposed changes, I asked how long it can take to make actual changes.
She said they are in a tough spot right now because they have no chairman at the SEC at
this point. So, who know's. The situation is, those changes when they do happen, won't
effect companies that are now battling a short position. Again, many companies are
doing what they can legally to get it busted. Along with pcbm, I understand there are
others knocking on the door. The situation as I see it is two fold. One, and should be
foremost, is that change is coming to the penny world that should make this game
somewhat fair. THAT is huge. Secondly, as I mentioned, with tons and tons of
circumstantial evidence, and now what the SEC confirms, it shows we were on the right
track all this time. Here's a couple of thought I have. One is, the mm's have been playing
this game a long time. Guess why it's coming to an end? Answer, the net. The forum,
unity, gumption lol, brains, have all come together. The rule changes have come too late
to save the mm's from themselves. I believe we will go into the next era of investing which
we can dub "The big bang theory.":):) So the mm's know were onto them. With this issue
and others, here's a thought I have as far as there game plan. Are they manipulating
these prices so low (in pcbms situation the price is now at 4 ecnts) that when there is a
run to 6 cents, 8, 10, 12 cents, won't there be a ton of sellers? Do you think they think they
damn near have a cap on 20 cents? 500% return, damn nice right? Well, there will be
sellers, the problem is we own the float as much as 10 times over. We will decide what
they should pay us. Note to bashers: Wake up and die right. The writing is on the wall. No
one needs you people, your completely worthless failures. Information good or bad will be
discussed by the longs, sure as #### don't need you stick your lousy attitude into it.
Perhaps you should drive truck.lol I suggest you think about finding a stock that has a
huge short and invest. Quit batteling against change in the penny market. In regards to
paid bashers: There is a plan for you guys too. If any investors out there beleive that a
particular basher is paid who hits it really really hard. Email the board name and one post
# to jmcjmc99@yahoo.com. (The pcbm board needs not to do this, you all know I know
everyone here).:):) Feel free to post this on any board where there is beleived to be heavy
shorting and manipulation. Good luck all.:):)
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
FWIW |
