Reeter, this is the SEC's URL regarding termination of its matter.
sec.gov
I quote from a certified copy obtained from the United States District Court (California):
"IT IS FURTHER ORDERED, ADJUDGED AND DECREED that Phoenix Metals and Flaherty shall not be required to pay the Stipulated Disgorgement Sum or prejudgment interest thereon." (Case No. 97-7153 SVW (AJWx), Securities and Exchange Commission - Plaintiff vs. Phoenix Metals U.S.A. II, Inc. and Robert F. Flaherty -Defendants)
I do not believe the above action, having been terminated, will be very supportive to other civil actions against PMTU if any exist. Funds greater than anything stipulated in the SEC matter were applied towards legitimate corporate purposes - construction and operation of the refinery.
No doubt the issues are complex since there is much at stake. There may be number of parties who feel they are entitled to something more or who believe they should have seen rewards sooner.
The cases you outlined earlier do not show the plaintiff and defendant, so it remains unknown if they concern PMTU or another company. I am solely concerned with PMTU which is complex enough without delving into external entities that exist for whatever purpose. When PMTU becomes fully reporting, footnotes and SEC filings will explain any material relationships. As for continuing SEC action, the SEC posts new litigation on the internet, and there is none. So your question "if the SEC investigation is truly over" is not a legitimate question at this time.
You mention "I'd sell cheap about now!!" Well did you? I wonder who sold last week around the time of your post? That 16,000 sh. sale was the largest I have ever seen in PMTU. Maybe it was somebody reacting to your initial post, but one thing is for sure -- insiders are not selling. A fellow named Brophy filed and sold some section 144 stock, several thousand shares quite some time ago - virtually nothing. The people on the inside or close to the company are not selling.
I sincerely hope that the good things we've expected from PMTU will soon fall into place -- some sales, consistent and comprehensive reporting and a better exchange listing. |
