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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Ed Hoftell who wrote (3261)	6/12/1998 5:39:00 AM
From: Ga Bard	Read Replies (1) \| Respond to of 4142

Exactly ... Here is the what the SEC is about : The SEC is an independent, nonpartisan, quasijudicial regulatory agency with responsibility for administering the federal securities laws. The purpose of these laws is to protect investors in securities markets that operate fairly and to ensure that investors have access to disclosure of all material information concerning publicly traded securities. The Commission also regulates firms engaged in the purchase or sale of securities, people who provide investment advice, and investment companies. The news release of the stop transfers, the complaints of the Previous news release where it was a dividend then changing to a split, have got to be known to the SEC by now and the SEC is not going to just shut this or any stock down with out solid reason .... They are probably making sure the investors that hold this stock are being taken care of and that Midland is handling the situation. The best interest of the investors is what the SEC is going look at first and foremost. Shutting the stock down is not in the best interest of the investors most of the time. If Midland had not sent a letter the SEC this stock would have already got shut down I believe. Now I also believe the company has done everything by the book. There are those right now that are upset about the dividend versus split. Well if you are an investor and believe in the product that Exxon is requesting to test which is the same product Coastal, Glencore Labs, SGS and Conoco has tested and has just got the EPA registration signed off on then I believe the SEC knows they have what they say. Plus with the task force on Dan's heels I am sure they have the SEC also fully aware of the situation. These agencies are not slack nor irresponsible. The SEC will expect the company to make true everything and not cost the shareholders. I would bet that I know one person that would love to shut down Midland so that they would probably not have to cover nor worry about a short position increasing with a split. I never have nor shall I ever doubt the SEC nor look at that agency as a bunch of ignorant individuals with this stock being their first complication or the first time some pulled a stunt like this. I do not know what the SEC could be doing other than what the company is not already doing. I have told everyone if you are not an investor for the long term not to get into this stock. If you do not believe in this product and so forth not to get into this stock. This is an up and coming company with no revenues or anything trying to come about. These latest turn of events is being dealt with rapidly and that is probably all the SEC expects. I also expect Midland is under a microscope and has been for some time now. Especially when the dividend changed to a split. Probably a ton of day traders are raising sands because they sold or bought based on a dividend then it turned into a split. If you are long it does not matter and a split is more advantageous to a long term investor. To my knowledge ( or limited there of) Midland has done nothing wrong but John has quite a mess to deal with and they are doing it as fast as they can. Issuing shares over the registered amount is a direct violation and the stops transfers will not be lifted or the company will be in direct violation of what Dan did. Now I could be dead wrong but I do not know for sure. John has told me he is moving as fast as he can to get the 10K done and call a shareholder meeting ASAP plus get the CUSIP number and still get the DF-144 going. Look at the stock that have been in trouble before ... NVID for example is just now coming out of a major SEC criminal trial with a conviction, settlement and it did not stop trading. To basically summarize: 1.) The ex CEO has made a mess and the company is moving ASAP to correct the situation. 2.) Traders vs. investors on the dividend vs. split scenario (hope investors win since it was to award the long termers not the people that bought for a week or two) So basically that is it and I am sure NASDAQ, the company and the SEC will resolve the issue. Here is a small bit of the SEC rule of 1934 ... SEC of 1934 ... Some general information of this Act are: 1.It regulates securities sold on national stock exchanges. These include securities traded over-the-counter and other equity securities where the corporation has more than $5 million in total assets and the security is held by 500 or more persons at the end of a fiscal year. 2.Requires each company to furnish to SEC an annual report (financial statements). The parties that may sue under this Act are purchasers and sellers of registered securities. The proof requirements are similar to those of the Security Act of 1933: 1.the purchaser or seller must prove damages, 2.the plaintiff must prove there was material misstatement or omission in information released by the firm, 3.the purchaser or seller must prove justifiable reliance on financial information, 4.and must prove existence of intent to deceive, manipulate, or defraud. Now I am not sure since I have only been doing my own trading for about 18 months and still learning but I am an investor not a dad gum day trader (though I have and will do when I can find them like everyone else). I also know that the SEC monitors these boards and individual posters. Since I am a highly bookmarked individual I believe the SEC probably has every post I have ever made in a file ... Now I do not care about a following and I have tried my whole on-line life to help others though I know Hades is paved with good intentions. I am a private investor and I will stand by whatever I have done or posted. Even right now I cannot sleep because I do care ... Use common sense plus learn the rules and regulations of the SEC that for more than 60 years the agencies over this market have dealt with many problems so I have to put my trust in these agencies. If I am wrong then I feel I should pay for whatever I may have done wrong and would so willingly to. But I know there is a lot of people that have made a lot of money off my crude nature, straight forward character, common sense and DD. I know day traders hate me and yes I am obsessed with people being sheep to these types. I wish I could say I did not have sheep but I know I do and I wish they would do some reading to educate themselves and not follow me and my opinion as a guru or something ... do some DD and verify/clarify everything regardless who says it. Sorry for the long post but people should talk to a professional broker and spend sometime on the SEC home page reading the rules and regulations. Print out the following URL site and at least read this much ... sec.gov Again sorry for the long post ... Oh and Midland is going to be fine in my opinion for they have all they have stated they have. GB