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To: tonto who wrote (25096)	7/11/2000 10:50:23 AM
From: Arcane Lore	Respond to of 26163

From a post by the RB poster Canadian_gamble: Found this floating around. STOCK CERTIFICATE Info: First off, what the ######### does a stock certificate look like anyway? Well, they look like this: biode.com (160K cert) biode.com (10K cert) This is FASCINATING info that is related to the fight they had over at JAWS. They laid a lot of groundwork with regard to certificate pulling. Let's thank them, and more importantly: Learn from their efforts. [...] ragingbull.altavista.com To an even greater extent than with RMIL, JAWS indeed provides an important lesson with respect to OTCBB companies whose proponents blame poor stock price performance on short sellers and suggest certificate pulling to force a short squeeze. Here's a portion of what the SEC had to say about JAWS (Great White Marine & Recreation): ORDER ENTERED TO REVOKE THE REGISTRATION OF GREAT WHITE MARINE & RECREATION, INC.'S COMMON STOCK On June 16, the Commission settled public administrative proceedings against Great White Marine & Recreation, Inc. (Great White). The Commission's Order found that Great White made false and misleading statements in press releases, promotional brochures and postings to its Internet web site regarding its financial condition and business prospects. Specifically, Great White misstated the number of issued and outstanding shares of common stock, including facts relating to an undisclosed public distribution of nearly 14 million shares. Additionally, Great White failed to fully disclose its use of approximately $11 million from the sale of its common stock, including the fact that its principal had misappropriated nearly $3.5 million for his personal purposes. Great White's registration statement filed with the Commission falsely claimed that its financial statements were prepared in accordance with generally accepted accounting principles and audited in accordance with generally accepted auditing standards by qualified independent accountants; that it had raised only $1.2 million from the sale of 1.5 million shares when it had actually raised at least $11 million from the sale of 14 million shares; and that its president had received compensation of $150,000, when he had actually received over $3.5 million. Finally, Great White's registration statement failed to adequately disclose that Great White was essentially a start-up company and that its president had filed for bankruptcy protection just prior to Great White's merger with a public shell. Without admitting or denying the Commission's findings, Great White has agreed to the entry of an Order revoking the registration of its common stock. (Rel. 34- 42953; File No. 3-9942) sec.gov Those seeking more detail about JAWS' plight as reflected in the SEC allegations can find it in Message 10719393 and the next four posts on the JAWS thread. See also: sec.gov and the other enforcement releases at sec.gov The legal basis of the JAWS revocation of registration presumably was Section 12(j) of the Securities Exchange Act of 1934 (see sec.gov which reads as follows: The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence. law.uc.edu The holders of RMIL, despite their unenviable position, are still theoretically able to trade the stock via a broker or dealer using "the mails or any means or instrumentality of interstate commerce ". JAWS holders can not avail themselves of even this slim possibility of selling their unfortunate investment.