New NOBO out
this was the post that referenced that the wrong NOBO was posted and never corrected by the company. They had been screaming about 75 - 100 MILLION shorts and now there only appears to be 2 million???? So the number of shorts posted in that www.nasdaq site was the correct one - NOT the buyins one or the post of that NOBO the company KNEW was inaccurate yet they posted it anyway. Where is the SEC? This certainly qualifies as something, doen't it???
Date:10/9/2006 9:24:45 PM
Post #of 95935
NOBO list
Remember that rant that Mike Alexander had last night about that NOBO list? Something about it being wrong and was reported to be wrong but they kept the wrong one on the site to prove have incompetent ADP was? LIABLE or some such thing. They never changed the website to the corrected one apparently. Mike mentioned that ADP should have PRed they made a mistake and take the reponsibility if anyone had invested by those numbers? He insulted the heck out of ADP and was furious they had told another shareholder that there was a mistake? Remember anyone? Here is the post about it, that I had posted previously. It will be interesting to see if the new NOBO are closer to the corrected numbers rather than the one that was knowingly kept on the website. Ben had said he was going to change it - and it wasn't changed.
MO NOBO MOMO news:
Today, 06:43 PM #6981
Rules_of_Acquisition
HSM Newbie
Join Date: Aug 2006
Posts: 16
NOBO list and ADP and changing brokers
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Don't want to start a fire storm...but in good conscience I cannot keep to myself information discovered Friday and today. Trying to do DD!
My wife and I are CSHD shareholders and we were concerned about SCOTTRADE; according to the NOBO list had a very large naked short position. As we had just moved to SCOTTRADE from TDA due to shorting concerns and not being able to buy CSHD, we moved to SCOTTRADE as it was reputed to be a better breed of broker- no shorts!
Imagine our surprise when the NOBO list was published! Should we now move our account out of SCOTTRADE? So, like a good stockholder, attempted to do some DD and see what the heck is going on....our broker at SCOTTRADE was almost spitting into the phone denying that any naked shorting of this magnitude was going on. Granted, they are not going to admit to NSS....and my local broker is not very high up the food chain.
So, ADP was contacted to verify the accuracy of the published NOBO list. A Mr. Tom Sposato at ADP called back on Friday and stated that the NOBO list provided to CSHD was in error, and, that in fact the fault was not CSHD's but rather ADP's fault....Tom stated that ADP was in contact with CSHD and he expected that CSHD would be correcting the NOBO list on the CSHD website.
Tom stated that the "technical" fat-finger error had overstated the NOBO list significantly, and, that the correct NOBO list would be more in line with the DTC list....that is, a 2x or 3x NOBO list vs. float was incorrect.
Being a concerned shareholder I contacted Ben Stanley today and Ben informed me that CSHD was aware of the error in the NOBO list and would be posting corrections to the website hopefully by Monday. Ben did not state what the correction would be (up or down, perhaps they don't know yet). I have been following the thread and I know TUT believes that the actual NOBO list error will show MORE naked shorts than 75 million. If so, great! Other than will it bankrupt my (or anyone else's) broker?
I know that others on the thread have posted about this, and my concern is that if we (or anyone else) move shares NOW we will be not able to respond quickly to market changes during the transfer. Just an FYI for anyone considering changing brokers (AGAIN!).
Phil did provide some excellent advice if you are considering changing- transfer out in small amounts so that you can still be able to respond to changing market conditions.
I still think that this is a good stock to be in.....just concerned that if the NOBO list is accurate my broker doesn't stick it to me!
This should be a great week.....as long as my broker doesn't restrict selling!
Hopefully CSHD will post the corrections soon as they can and resolve this question. Waiting for that 10k and reset!
GLTA
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