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Microcap & Penny Stocks : Computerized Thermal Imaging CIO (formerly COII) -- Ignore unavailable to you. Want to Upgrade?

To: RMMOYER who wrote (6009)	12/11/2002 10:13:55 AM
From: RockyBalboa	Respond to of 6039

are you drunk? hey kid, get up, grab your balls and make some money. Market is open, and even Cio trades, albeit a little cheap, heh.

To: RMMOYER who wrote (6009)	12/18/2002 11:09:11 AM
From: StockDung	Read Replies (1) \| Respond to of 6039

Computerized Thermal's Secord Buys Back Stock, in 'Deeper Hole' By David Evans Lake Oswego, Oregon, Dec. 18 (Bloomberg) -- Computerized Thermal Imaging Inc. Chief Executive Officer Richard V. Secord, who sold 111,300 shares of company stock just before the price collapsed early last week, bought the shares back for 78 percent less on Friday, according to a federal filing yesterday. Secord reported the repurchase in a filing with the Securities and Exchange Commission, saying it represented ``a cancellation of stock trades previously executed December 9 and 10.'' Secord, whose 1989 guilty plea for lying to Congress about his conduct in the Iran-Contra affair was overturned in 2000, was subpoenaed Thursday by a federal grand jury investigating his stock sales, according to the Washington Post. Secord's repurchase of stock is an apparent violation of a federal securities law banning ``short swing trading'' by insiders, said Alan Bromberg, professor of securities law at Southern Methodist University. ``It looks like he's trying to say, `I never really sold those shares, so I didn't use any inside information,''' Bromberg said. ``He hasn't effectively done that. Instead of getting himself off the hook, he's dug himself into a deeper hole.'' Secord declined comment, said company spokeswoman Kristy Cory, referring questions to Secord's lawyer Carl Schoeppl, who didn't return voicemail messages at his office and home. John Brenna, president and chief operating officer of Computerized Thermal, declined comment on Secord's sale and repurchase of company stock. Panel Rejected Product Secord, 70, a retired U.S. Air Force general who served as a deputy assistant secretary of defense under President Ronald Reagan, sold his shares just before an advisory panel recommended the U.S. Food and Drug Administration not approve the company's flagship BCS 2100 breast cancer scanning machine. Shares of the Oswego, Oregon-based company closed yesterday at 24 cents on the American Stock Exchange. They've dropped about 80 percent since that recommendation. Securities lawyers say the repurchase appears to violate SEC Rule 16(b). The so-called ``short swing profit'' rule prevents insiders from profiting either by buying and selling, or selling and buying, their company's stock within any six month period. ``Once you're in a hole, you should stop digging,'' said John Coffee, professor at Columbia University School of Law. ``I'm afraid he's still scooping.'' The price difference between Secord's stock sales and repurchase -- $98,734 -- should be returned to the company under SEC regulations, said Coffee. Quarter the Price ``I don't know how you can cancel the trade at one quarter of the sales price,'' said Coffee. ``I can't believe he's got an experienced lawyer telling him to do this.'' Federal agents served the subpoena to Secord on Thursday at the company's annual meeting at the American Stock Exchange, the Post reported. Secord must testify and furnish documents to the grand jury in New York, the Post said. A spokesman for the U.S. attorney's office in Manhattan declined comment. Secord sold 111,300 shares in Computerized Thermal for $127,058 on Monday and Tuesday, hours before the panel voted 4-3 against Computerized Thermal's scanner. He repurchased the same number of shares for $28,324. He sold for an average price of $1.14 a share, and bought the stock back at an average of 25 cents. Computerized Thermal had sought a recommendation from an FDA panel of experts for approval of its breast-cancer scanner that's designed to reduce the number of surgical biopsies. The FDA committee voted 4-3 to deny approval, after questioning the company's research. They suggested the company continue to study the device. In a legal proceeding, the company last year accused its former president of tampering with results of the breast cancer detection device's clinical trials, and misleading shareholders about the status of the FDA application.