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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?


To: afrayem onigwecher who wrote (10541)10/10/2002 11:29:58 PM
From: Phil(bullrider)  Read Replies (2) | Respond to of 19428
 
afo,

Every time I encounter your handle, it makes me think of:

A frigging organ.

Which makes me think:

This idiot is a dickhead.

Have fun,
Phil



To: afrayem onigwecher who wrote (10541)10/11/2002 3:21:14 PM
From: who cares?  Read Replies (1) | Respond to of 19428
 
You sure can pick them, POS BOY.


DJ IN THE MONEY: GeneMax Latest Of Troubled ICI Ventures --


By Steven D. Jones and Carol S. Remond
A Dow Jones Newswires Column

BLAINE, Wash. (Dow Jones)--Retailers say volume is the key to profitability.
That motto also appears to be the strategy of a marketing and management company
called Investor Communications International Inc.
The privately held company made headlines recently when it took the unusual
step of filing lawsuits against Canadian and U.S. brokerages for improper short
selling of the stock of biotech GeneMax Corp. (GMXX).
But perhaps even more intriguing about Investor Communications, or ICI, as
it's commonly known, is the fact that the firm has large stakes in five U.S.
publicly traded companies, all of which share one common address in the small
town of Blaine, Wash., just one hour south of Vancouver.
The Blaine location, as it turns out, is quite convenient for ICI, given that
most people working with the firm appear to be British Columbia residents, some
of whom have had run-ins with securities regulators there.
ICI took a stake in GeneMax earlier this year and controls a large chunk of
the company's very few, and much in demand, free-trading shares.
A recent trip to 435 Martin St. here revealed a small office on the second
floor with just two secretaries. Although five companies in the ICI stable list
435 Martin St. as their address, the marketing firm is the only name on the
office.
Marcus Johnson, the ICI executive in charge, and the only ICI official with a
U.S. phone number, wasn't available and didn't return calls.
The sparse offices match the sparse value ICI's portfolio of companies has
generated for shareholders.
Mining companies Goldstate Corp. (GDSS) and Intergold Corp. (IGCO) both trade
for 2 cents a share today after a run in 1998 that carried Goldstate shares to
60 cents and Intergold to over $3. The companies had a joint venture to develop
Idaho claims that later proved worthless. Oil company, Hadro Resources Inc.
(HDRS) trades for 17 cents today, but fetched more than $2 a share this spring
based on an acquisition strategy that was later scaled back. Another oil
exploration firm, Vega-Atlantic Corp. (VATL), sells for 13 cents a share today
after reaching $4 in 2000.
Most recently, GeneMax, which began the year at 25 cents, topped $8 before
easing to about $6 a share over enthusiasm for a newly patented cancer therapy.
ICI consultant Grant Atkins also plays a key role in the firms. He serves as
president of both Hadro and Vega-Atlantic. He is listed as secretary treasurer
of Intergold and a director of GeneMax. The only company in which he doesn't
have a management spot is Goldstate Co., in which he does hold 300,000 shares of
stock.
ICI also holds major blocks of stock in the companies, including 6% of the
outstanding shares in Hadro, 9% of Vega-Atlantic and nearly 10% of GeneMax.
The portfolio of businesses generates little revenue and no profits. Hadro
Resources hasn't turned a profit for four years despite a booming oil market. In
total, the group has piled up more than $20 million in losses in the past three
years.
Regardless, each of the firms continues to spend heavily on services from ICI.

Services Rendered

In a June securities filing, Intergold said it would pay ICI up to $75,000 per
month for management and marketing services and its total outstanding bill was
$809,800. Hadro filings say it pays $10,000 per month and its outstanding ICI
bill is $478,400. GeneMax pays $10,000 per month and its bill totals $252,400.
The question is where does the money come from if not revenues?
The answer isn't apparent, but securities filings indicate ICI gains by taking
payment for most of its fees in stock, which it is then free to trade as its
marketing campaigns influence share prices.
In a recent interview, ICI consultant and GeneMax director Atkins said that
ICI wasn't trading its shares. He confirmed that ICI held options on 1 million
shares that could be exercised at any time, but he said that ICI had no
intention of doing so.
ICI is currently attempting to sell a 1 million share private placement in
GeneMax for $2.50 a share even though GeneMax stock is trading at about $6.43 a
share.
Gino Cicci, a consultant with ICI, and point man for selling GeneMax's private
placement, insisted that nobody at ICI or GeneMax is selling stock. "Nobody is
bleeding shares in the markets," Cicci said.
Asked to explain the recent high volume and share-price volatility in GeneMax
stock, Both Cicci and Atkins blamed "short sellers" and "market makers."
GeneMax recently filed a number of lawsuits against brokerages in Canada and
the U.S. for alleged manipulation and improper shorting of its stock.
But some people associated with ICI have been linked to manipulation, too.
As reported in a prior column, the British Columbia Securities Commission in
1995 banned Cicci from serving as an officer or director of a public company for
three years in connection with promotion of a company called DNI Holdings Inc.
in Canada.
Brent Pierce, a man that securities filings identify as the sole shareholder
and president of ICI also has had problems with securities regulators up north.
In 1993, the British Columbia Securities Commission prohibited Pierce from
serving as a corporate officer of a company in BC for 15 years. The ban was in
connection with Pierce's directing funds to his personal use from a public
offering of shares in Bu-Max Gold Corp. of Canada where he was a director.
The ruling also stipulated that Pierce couldn't serve as an officer or
director of a company "that provides management and administration, promotion or
consulting services" for the same number of years.
The same year the ban was imposed, Pierce incorporated a company called
Amero-Can Marketing Inc. at 435 Martin St. in Blaine and listed himself as
president and owner of the business. Pierce's name doesn't appear again in
filings until 2000 when separate filings by Intergold and Vega-Atlantic both
list him as the owner and president of ICI as well.
By Steven D. Jones and Carol S. Remond, Dow Jones Newswires; 360.253.5400

(END) DOW JONES NEWS 10-11-02
03:08 PM- - 03 08 PM EDT 10-11-02



To: afrayem onigwecher who wrote (10541)10/11/2002 6:19:07 PM
From: StockDung  Respond to of 19428
 
CSFB, J.P. Morgan Among Banks Sued for $80 Mln Over Enron Notes
By David Glovin

New York, Oct. 11 (Bloomberg) -- Credit Suisse Group and J.P. Morgan Chase & Co. are among seven banks that have been sued for $80 million by a unit of Abbey National Plc over notes issued by Enron Corp. entities.

Abbey National says in its suit that the bankrupt energy company had the ultimate responsibility for repaying debt incurred by two of its entities -- Marlin Water Trust II and Marlin Water Capital Corp. II. Abbey National says the banks which underwrote the offering knew Enron's books were fraudulent and should be responsible for the debt.

``The defendants intentionally or recklessly omitted to disclose'' what they knew about Enron's condition, the lawsuit says.

Other defendants include Deutsche Bank AG; Bank of America Corp.; Canadian Imperial Bank of Commerce; Dresdner Bank AG, an Allianz AG unit; and ABN Amro Bank N.V.

J.P. Morgan spokeswoman Kristin Lemkau declined to comment. Bank of America spokeswoman Eloise Hale did not immediately return a call. Victoria Harmon, a spokeswoman for Credit Suisse, could not immediately be reached for comment.



To: afrayem onigwecher who wrote (10541)10/11/2002 6:20:13 PM
From: StockDung  Respond to of 19428
 
Prudential Is Ordered to Pay $261.7 Mln to Investors (Update1)
By Dan Lonkevich

Marion, Ohio, Oct. 11 (Bloomberg) -- Prudential Securities, a unit of Prudential Financial Inc., was ordered to pay $261.7 million in damages to investors who accused their broker of selling stock without their permission.

The award against the unit of the second biggest U.S. life insurer included $11.7 million in compensatory damages and $250 million in punitive damages, according to Prudential spokesman Robert DeFillippo. A state court jury in Marion, Ohio, awarded the amount to 250 plaintiffs who sued Prudential as a group.

``We're going to ask the court to set aside the verdict,'' DeFillippo said. ``There's no legal basis for the verdict. It is unjustified.''

The class-action suit claimed that in 1998 the broker, Jeffrey Pickett, sold his clients shares without authorization, causing them to lose out as the stocks' value increased. Pickett hasn't worked for Prudential since 1999.

``The fraudulent actions of the stockbroker cost the 250 plaintiffs more than the $11 million that they would have made had their investments been left in the stock market,'' said the investors' lawyer, Thomas A. Hargett of Maddox Hargett & Caruso in Indianapolis, in a statement. Hargett's partner, Mark E. Maddox, predicted the punitive damages will be upheld on appeal.

``I suspect they will appeal and it will take a while before Prudential has to pay anything,'' said Thomas Davis, an analyst at Loomis Sayles & Co., which owns 1.1 million shares of Prudential. ``The amount of the award strikes me as bordering on the ridiculous and shows how amok our legal system has become.''



To: afrayem onigwecher who wrote (10541)10/11/2002 7:39:07 PM
From: StockDung  Read Replies (1) | Respond to of 19428
 
Money manager Alan Bond admits taking kickbacks

NEW YORK, Oct 11 (Reuters) - Alan Bond, the money manager who appeared regularly on the television show "Wall Street Week With Louis Rukeyser," pleaded guilty on Friday to conspiracy and fraud charges for taking more than $6 million in kickbacks from brokerage firms.

Bond, who was president and chief investment officer of Albriond Capital Management, pleaded guilty in Manhattan federal court to one count of conspiracy, four counts of investment advisory fraud and five counts of filing false tax returns. The charges carry a total maximum prison term of 40 years and $10 million in fines.

Bond has been in federal prison since June when a Manhattan federal jury convicted him in a separate case for cheating pension funds out of millions of dollars. At that time, he was convicted of three counts of investment advisory fraud, which carry a possible maximum prison term of 10 years each, and three counts of wire fraud, which carry a possible maximum term of five years each.

He has not yet been sentenced on the June conviction.

Bond, a Dartmouth College and Harvard Business School graduate, was one of a small number of African-Americans to rise to a top position in the lucrative world of money management.

His clients had included such pension and investment funds as the National Basketball Association, City University of New York and the Washington Metropolitan Transit Authority.

He was first arrested in 1999 and accused of defrauding clients by sending unprofitable securities trades to their accounts while directing most of the profitable ones to himself.

Prosecutors said that Bond's "cherry-picking" scheme ran between March 2000 and July 2001, while Bond was out on bail awaiting trial on the kickback charges to which he pleaded guilty on Friday.

They said Bond made $6.3 million from the cherry-picking scheme while his clients lost more than $56 million.

He closed his operations after his second arrest last year on the cherry-picking charges.

10/11/02 18:15 ET



To: afrayem onigwecher who wrote (10541)10/12/2002 10:48:09 PM
From: StockDung  Respond to of 19428
 
Iraq Warns U.N. Weapon Inspectors
Iraq Inspections Chief Says Iraq Reserves Right to End Cooperation With U.N. Weapons Inspectors

The Associated Press


BAGHDAD, Iraq Oct. 12 — Iraq reserves the right to end cooperation with U.N. weapons inspections if it deems Washington is manipulating them, the Iraqi inspections chief said, clouding prospects of the high-stakes U.N. missions before they even resume.

The Iraqi warning made in the face of threatened U.S. military action raises the possibility that old problems would haunt any new U.N. inspections to ensure Iraq can no longer produce weapons of mass destruction.

Meanwhile, Iraq's parliament met in an emergency session Saturday, but said nothing about a resolution by the U.S. Congress giving President Bush authority to use force against Iraq. Instead, Iraq lawmakers condemned a resolution by Congress that recognized Jerusalem as the capital of Israel.

Charges of Iraqi deception, and U.S. double-dealing, have dogged the inspections inaugurated in 1991 with volleys of Iraqi bullets over the heads of newly arrived inspectors, and ended in 1998 with punishing U.S.-British airstrikes the night thwarted inspectors finally withdrew.

Trying to stave off a new U.S. attack over what Washington says are covert weapon programs, Iraq has dropped objections to inspectors' return, and says it hopes to see an advance team back as soon as Oct. 19.

Asked if Iraq reserves the right to again revoke cooperation with inspectors, Iraqi inspections chief Gen. Hussan Mohammed Amin told The Associated Press: "Of course."

"We gave commitments to cooperate, if they said they will follow scientific and logical measures for inspections, and will not misuse them for spying, collecting information," Amin said, speaking inside a walled industrial complex where Washington asserts nuclear weapons work could be under way.

"If they will follow scientific measures, and they will take measures from the United Nations and not the United States, they should come on the date," he said.

Iraqi Islamic leaders appealed to the Muslim world Saturday to come to their aid if the U.S. attacks.

"Take the word of Iraq, which already has lost so much flesh and blood to this country: If no one stops it, it will destroy the whole world!" Iraq's Popular Islamic Conference said in a fatwa, or religious edict, signed by 500 clerics of Iraq's Shiite Muslim majority and Sunni minority.

In the United Nations, Iraq's ambassador said in an interview that Saddam has changed since he lost the Gulf War 11 years ago and his country is now doing everything it can now to avert another conflict.

"War must be behind us, not before us," Mohammed al-Douri said. He spoke as the Bush administration pressed the U.N. Security Council to act to match the resolution passed by the U.S. Congress.

Al-Douri said the Iraqi leadership had changed its policies and tactics since it fought Iran in the 1980s, used chemical weapons against its Kurdish minority, invaded neighboring Kuwait in 1990 and lobbed Scud missiles at Israel and Saudi Arabia during the ensuing Gulf War.

"Ten or even 12 years is enough to judge the behavior of governments and the kind of relationship we now have with our neighbors. We think of how we can improve relationships, even with the United States," al-Douri said.

For the second time in three days, Iraqis threw open another U.S.-targeted site to Western and Iraqi camera crews and reporters. Iraqi generals called it proof of their eagerness to show the world Iraq is innocent of U.S. accusations.

Anti-aircraft guns, trenches and sandbags surrounded the Al-Furat site newly fortified against what Iraq fears will be imminent U.S. airstrikes, plant director Gen. Sa'adi Abbas Khudeir said.

Inside, bristling clusters of microphones and camera lenses recorded Iraqis working at computers.

Khudeir told journalists the workers were civilian and military researchers, laboring on peaceful electronics research and on weapons systems allowed by the United Nations.

"Believe me, no nukes, no physicists, no program just programs that serve the army, maintenance and development, that's all," he said, pointing to equipment.

For reporters with little technical knowledge, it was impossible to judge.

The Al Furat site, south of Baghdad, was one of the four sites that the United States suggested were being developed to produce nuclear weapons, although it admits conclusive evidence is lacking.

Al Furat has been the most closely scrutinized of the four. Washington alleges Iraqis have been caught trying to smuggle aluminum tubes into the complex parts the United States says could be used in a centrifuge to enrich uranium to weapons grade quality.

Iraq denies ever having a nuclear weapons program. U.N. authorities say they caught Iraq in the early 1990s with a nuclear arms program.

Iraq has remained under U.N. sanctions since the 1991 Gulf War. The United Nations says the sanctions cannot be lifted until inspectors verify that Iraq has no chemical, biological and nuclear weapons and the missiles to deliver them.

In 1991, Iraqi soldiers fired into the air when one of the newly arriving inspection teams gave chase to a speeding convoy. Inspectors said they believed the trucks were carrying parts for uranium-enrichment devices.

Two months later, the International Atomic Energy Agency charged that Iraqis had tried to hide radioactive material contained in nuclear fuel rods by driving it around in trucks when inspection teams visited.

Fitful squabbles and dustups followed in the ensuing years. U.N. inspectors and Iraqis saw numerous breakdowns in cooperation, including one four-day standoff in a parking lot.

Throughout, the United States and Britain and others complained that Iraq spoke of full cooperation while blocking access on the ground. Iraq contends the United States upheld the sanctions as a vendetta against Saddam.

In 1998, work broke down for good. Iraq declared all cooperation over. U.N. teams withdrew. That same evening, the United States and Britain led four nights of the most intense bombardment on Baghdad and other points in Iraq since the Gulf War.

In an interview with a German magazine Saturday, Iraqi Vice President Taha Yassin Ramadan held out the prospect renewed inspections for the first time could include Saddam's dozen-plus palaces.

Asked about the palaces by Der Spiegel magazine, Ramadan said, "Our position is that the inspectors can seek and inspect however and where ever they would like to."

There was no sign the palaces were included in any new written agreement on inspections, however. In 1998, Iraq allowed a delegation of inspectors accompanied by diplomats into some of the palaces, but has refused unannounced visits.

Asked about the Der Spiegel report, a White House official said Iraqi officials have given different positions on basic inspections issues.

"All this does is point out that pressure works, that there will be no negotiating with the Iraqis. The Security Council needs to act to pass an effective new resolution that leads to Iraqi disarmament," the official said in Washington on condition of anonymity.