To All: I just got off the phone with the old TA and their legal counsel. For those wanting the real story:
1. I spoke with the owner of OVIS's former TA. She advises me that there is absolutely no real reason why this company would have to go to another TA to do business on the AMEX. She does have clients whose stock trades on the AMEX.
2. There is no required certifiation of TA's to do business on the AMEX.
3. They were not fired. They resigned. Why? After talking to their legal counsel, he would not provide me with particulars, but there was a discussion regarding the need for documentation from OVIS to effect certain transactions. (If a company fails to provide documentation on a timely basis, the transfer agent is well within their rights to refuse to provide service, or simply resign). Obviously there are certain requirements a TA must fulfill in their fiduciary responsibility to regulatory agencies and ultimately to shareholders. It would appear that there was some sort of problem here. Why? I do not know. But Morgan's record of keeping his filings, licenses, registration, etc, up to date, is, to be polite, less than stellar.
4. The former TA is a reputable firm, and in fact, the owner is on the Board of the Southwest Transfer Agents Association.
5. The former TA has never met Morgan, Breton, Mork, Baker, or any of the other people named, much less seeing them in her offices. Saying you know someone and being in league with them are two entirely different things.
Implying that the Transfer Agent was short this stock is ludicrous.
I am sorry to report to all of you that I am no longer long this stock, because I cannot justify having even a cool $250 at risk here.
As usual, I neither solicit nor recommend sale or purchase of this security. The opinions expressed here are solely my own. |
