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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Can Do Stocks 2 who wrote (144497)	5/22/2005 6:46:36 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

I just sent the following to enforcement@sec.com ------------ Subject: Gluv Corp, pink sheet symbol GVRP A short while ago, a Pink Sheet company called Gluv Corp (GVRP) put out the following press release: biz.yahoo.com They offer a more than slightly disingenuous account of their difficulties. To explain very briefly, they first did a 1:6,500,00 reverse split, leaving them with, according to my calculations and information from the transfer agent, eleven shares issued and outstanding. They followed the r/s with a 3,000,000:1 forward split. Believing the forward split became effective on its date of record, which was Friday the 13th , they put out a PR on Tuesday the 17th and began selling stock into the market. A number of people called the company to tell them the forward split would not become effective until the ex-dividend date, but company officals laughed and said they knew what they were doing. The company was emailed and advised of the situation on the 18th. Their response was "My group has done this deal and we are the largest shareholder, but I still don't why you are telling me??" On Wednesday the 18th I called the transfer agent, Interwest Transfer asking what the outstanding was. I was told 33 million. I commented to the t/a representative that there was a forward split of 3 million to 1 with an ex dividend date of May 23rd and if today there were 33 million outstanding that would mean 99 TRILLION would be outstanding on the 23rd. I was then told by Lorraine at Interwest that they had adjusted for the 3 million to one forward split on Friday the 13th the record date. I advised her that is wrong, that the forward split doesn't actually take effect until Ex Div Date the 23rd and that NASD and Nasdaq have confirmed that date and the due bills date of May 25th and that there is no mistake about it. I was told "that's not how we do it". Comments regarding their news release this date: And so the buying of non-existent shares began. I confess I don't understand where they got the 3 million figure; total volume Tuesday-Friday was a little more than 450,000. "Internal investigation"?? Three people?? And what makes them think they have the right to order people not to trade the stock? I strongly suggest that you do NOT agree to a trading suspension, and that the Nasdaq does NOT agree to a trading halt. Gluv got themselves into this mess, and I believe they should be forced to cover. They could have taken steps to deal with this days ago, but chose not to do so. I think this is particularly important because of all the nonsense surrounding the naked shorting issue. If the company is suspended or halted, I have absolutely no doubt that many of the more strident GetShorty campaigners will start screaming that the SEC and the Nasdaq "caved in" to the evil naked shortsellers. I don't think that should be allowed to happen. I'm an individual investor, and have a very small position in this stock. Respectfully, Jim Bishop