Re: 3/4/05 - [GLKCE] Financialwire: Ripley, Believe It Or Not: 70M Shares Trade After Michigan Man Puts Them All in Sock Drawer
B: Ripley, Believe It Or Not: 70M Shares Trade After Michigan Man Puts Them All in Sock Drawer
(financialwire.net via COMTEX) -- March 4, 2005 (FinancialWire) A Michigan man, Robert C. Simpson, who claims to have acquired 100% of the issued and outstanding stock of Global Links Corp. (OTC: GLKCE), if true, is likely to become the poster boy for those opposed to illegal naked short sales.
Illegal naked short sales have mostly victimized small companies such as Global Links, but has also been cited as problematic for large companies such as Martha Stewart Living OmniMedia (NYSE: MSO), Krispy Kreme Doughnuts (NYSE: KKD) and Overstock (NASDAQ: OSTK), whose CEO is said to have helped write a national ad on the subject in the Washington Post directed to President George Bush.
Simpson filed a U.S. Securities and Exchange Commission Schedulce 13D (http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=3299823) on February 3, showing his purchase of and sole voting power for 1,158,209 shares of the corporation.
Yet, here's the rub:
The day after Simpson purportedly stuck every last corporate certificate for Global Links in his sock drawer, the company traded 37,044,500 shares. The next day it traded 22,471,600 share. Thursday it traded 199,616.
Simpson is said to have gone back to his sock drawer, and despite the fact that a sock or two, as is always the case, were missing, all 1,158,209 Global Links certificates were still there.
Observers are asking where those other millions and millions of certificates are therefore coming from.
Hmmmmm.
The San Antonio Express-News raised the question this week as to how Congress could seriously consider placing Social Security into what it inferred is a "mess."
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