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Strategies & Market Trends : Americans 4 "No Own - No Sell" -- Ignore unavailable to you. Want to Upgrade?

To: ahhaha who wrote (315)	10/4/2001 2:08:04 AM
From: ahhaha	Read Replies (1) \| Respond to of 455

Shining example of the honest public and the evil doing brokers: October 3, 2001 Optical Cable's CEO Wins Order To Keep Firms From Selling Stock By Will Pinkston Staff Reporter of The Wall Street Journal A Virginia technology company's top executive won a restraining order after filing suit to stop several Wall Street brokerage firms from continuing to sell off stock that he had pledged as collateral to cover substantial margin loans. Robert Kopstein, chairman and chief executive of Optical Cable Corp., a Roanoke, Va., maker of fiber-optic equipment, won a temporary restraining order in U.S. District Court in Roanoke preventing six firms from selling his shares in the company for the next eight days. In court documents, he accused the firms of violating securities laws by "acting in collusion and as individual entities" to drive down the market price of shares in his company in order to buy a controlling interest by purchasing stock "on the cheap." Among the stock-brokerage houses named in the suit, Salomon Smith Barney Inc. and UBS PaineWebber Inc. immediately dismissed Mr. Kopstein's complaint as being without merit. "UBS PaineWebber will vigorously oppose Mr. Kopstein's efforts to avoid his obligations to the firm," said spokesman Paul Marrone. A Salomon Smith Barney spokeswoman said: "Our actions are fully compliant with applicable law." Four other firms named as defendants -- A.G. Edwards & Sons , Bear Stearns Cos., Merrill Lynch & Co. and Scott & Stringfellow Inc., of Richmond -- declined to comment, pending internal legal reviews. Mr. Kopstein, through an Optical Cable spokesman, declined to comment. His attorney, John P. Fishwick, declined to outline the particulars of his client's situation. But in his request for the restraining order, Mr. Kopstein, who owns more than 90% of Optical Cable's 56 million shares outstanding, acknowledges pledging a "substantial amount" of his stock for margin accounts with the various brokerage firms. As the value of securities in Mr. Kopstein's accounts fell, the legal complaint alleges, the brokerage firms sold off his Optical Cable stock, including more than 288,000 shares in August alone. The selling continued into September, the document alleges, and accelerated in the stock-market drop after last month's terrorist attacks. Optical Cable closed Tuesday at $1.40 a share, up 21 cents, as of 4 p.m. on the Nasdaq Stock Market, after being halted temporarily at midday after the company's announcement of Mr. Kopstein's legal action. The stock is down considerably from just two months ago, when the share price hovered around $9. Optical's chief financial officer, Neil Wilkin, said the company's board has formed a special committee to look into "issues ... related to Mr. Kopstein's margin loans." He declined to comment on whether the company might consider buying back some of its own stock or cover some of Mr. Kopstein's financial commitments in order to bolster its share price. Eroding market conditions are prompting a growing number of margin calls as executives and individual investors scramble to cover losses in their loan accounts. Under Federal Reserve rules, investors can borrow as much as 50% of the value of certain stocks when making a purchase. Most brokerage firms have more stringent guidelines, requiring at least 30% to 35% equity, before a margin call -- which can be unilaterally taken against clients through stock sales. David Robbins, a New York securities attorney, said Mr. Kopstein's best hope probably is to buy time by seeking an indefinite extension of the restraining order, which might then force the matter into arbitration. Arbitration, required in most margin-loan disputes, can last a year or longer, giving a borrower time to find other ways to cover obligations. If a borrower is unable to do so, brokerage firms often are the victors.

To: ahhaha who wrote (315)	10/4/2001 7:33:43 AM
From: Ga Bard	Read Replies (1) \| Respond to of 455

HUH ... You know the more you guys try to spin this and call everyone on the petition ignotant ... we show you what we have watch that goes against your let's say knowledge and you still come up with opinions that show you don;t have a clue what you are talking about. And you have to do it competition with all those other MMs whose order structure you can't see. After Herzog got nailed for the phone calls the MMS came up with a nice little code. Partial fills or rather intitial as they call it minimum order flow to capture the order. I have tracked this market makers and trading longs for years. I have a good understanding what the codes means. NOR You do not take into account level III or the automatic order fill system or the order flow. MMs maybe about short lived ... I wonder what all you patzers will complain about then? MyMyMy name calling again ... Oh well ... We will complain about whatever we watch that becomes a tool of abuse and manipulation yo fleece people. These stipulations are tougher than your suggestion or subsumed already in it. Will you stay on topic ... this is not about LEGAL Short Selling of marginable securities and the rules associated with it. Offshore there are no stipulations. Before you make these unfounded claims Tell you what show me the disclosure of short selling. Please I would love to see the rules that short selling is disclosed and the checks and balances. Only disclosure is voluntary ... and that is only in the USA ... Offshore does not reprot nor is the trade reported as one ... The ECN just flushes you down the toilet. You have set up a chute that shoots you down. Nope an ECN will fill without logic to manipulation. An ECn does not have greed, vice, or the other emotions that MMs do because they are human and have there own agenda. ECN is coming and from your posts I can see you are not very familiar with what gors ons and ... and most aren;t but it is always the ones calling other stupid that typically do not have a clue about the abuses and manipulation. MMs know they are on their way out. But your bias is no more different than mine. You claim nothing is wrong and I claim there is ... P2bAAAT & DSAA