how long do you think dtc can prevent shareholders from getting physical delivery of there stock dear?
lololol. Don't blame the DTC: blame Mikey Sylver.
also you told dtc was going to sue aznt, but didn't isaac montel negotiate stipulation on behalf of dtc that they be dropped from case dear. are you lying to us again dear?
In your dreams, Spidey. Here's some interesting stuff from the transcript of the injunction hearing. Should we believe IT, or should we believe YOU, lolol?
22 MR. QUALEY: But if like Mr. Sylver says, it appears
23 to be they're saying this, and I don't understand. They have
24 2.5 million shares in their possession or credited to their
25 account. That they be willing to transfer back to this court
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1 for the court to hold and J.B. Oxford would do likewise with
2 their amount of shares, and that's 3.7 is what they've been
3 saying. And the Court said would you mind doing that? And
4 now, he says, no, that would leave us in a short position. So
5 I don't understand if that's --
6 THE COURT: Well, I'm not sure that is what he said.
7 MR. MACLEAN: It's not, your Honor. Again, I have to
8 go back -- there's a difference between shares and
9 certificates. And what we're saying is freeze the
10 transferability of the shares that First Concorde holds for
11 Canaccord and J.B. Oxford by enjoining the parties before you,
12 J.B. Oxford and Canaccord.
13 Now, frankly, your Honor, the order's unnecessary because
14 DTC has already imposed a global freeze. And I'm told by their
15 counsel --
16 THE COURT: I understand that from the materials that
17 you (indiscernible).
18 MR. MACLEAN: I'm told by their counsel that if things
19 don't straighten out, they expect to take action against Amazon
20 by the year's end.
21 But leaving that aside for a minute, my proposal is simply
22 that those shares aren't going anywhere. That means that
23 Amazon is protected from further sales. It means that there
24 will be no depository shorts backed up in respect of those
25 shares. But we must have the additional protection that Amazon
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1 won't take steps against what's now a reduced float to further
2 reduce the shares that are available to the system.
3 THE COURT: Do you have any problem, Mr. Judd, with
4 the execution of the order that's being proposed by
5 Mr. Lefebvre?
6 MR. JUDD: This particular order does not go to my
7 client, so it doesn't address the various motions to dismiss
8 that we filed. It simply says that those folks can't do
9 anything, and it says those folks can't do anything. It seems
10 to me that's what it says. It just stops everybody. And since
11 it doesn't address the particular motions I made in an
12 alternative fashion, I mean, ultimately, our --
13 THE COURT: Well, I can hear those separate and apart
14 from this.
15 MR. JUDD: Correct. Correct. This goes to stop those
16 people from doing anything with any of these shares, and it
17 shops them from doing anything with the shares.
18 THE COURT: And isn't that the relief that you need
19 immediately?
20 MR. QUALEY: The relief that we need immediately --
21 this does more than just stop everything. It basically
22 prevents us from saving the company with the way this is worded
23 presently.
24 THE COURT: Well, why does it prevent you from saving
25 the company? What prevents you from saving company?
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1 MR. QUALEY: Mr. Sylver can explain that.
2 THE WITNESS: Okay. First of all, remember, I said
3 previously there is approximately 2,700,000 or 2,872,000 shares
4 naked short of our stock out in the market.
5 Through all the broker dealers, we know how many brokers
6 have shorted exactly what amount of stock and the dates of the
7 short, the amount of the shorts. We have narrowed it down to
8 the individual brokers who committed the shorts.
9 We have devised a plan that is going to alleviate this
10 shorting and the shorting of all other stocks in this country.
11 It is going to change the face of shorting in the United States
12 and prevent this illegal wrongdoing by Canadian companies and
13 American companies, you know.
14 THE COURT: I don't care about that at all. I want to
15 deal with this case.
16 THE WITNESS: Okay. If --
17 MR. QUALEY: So what we need, your Honor, basically,
18 this stock as it sits in Canaccord, as it sits in J.B. Oxford
19 is First Concorde's stock. They're a party before the Court.
20 If this Court orders that the stock be transferred back from
21 Canaccord, back from J.B. Oxford to First Concorde --
22 MR. SEMENZA: You can't do that.
23 MR. QUALEY: It's theirs anyway. If it's just removed
24 from the DTC sheets, given back to First Concorde or held by
25 the court, the 3.7 that they say they have anyway, that's all
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1 we're asking. That should not cause them any undue hardship.
2 This stock is going to --
3 THE COURT: Well, I think they're willing to do that,
4 but they're not willing to do something they can't do. They
5 don't have the certificates, correct?
6 MR. QUALEY: Well, the certificates is an
7 administerial (sic) procedure that can be accomplished quite
8 easily.
9 THE COURT: Well, it may be, but I don't know that
10 that can be resolved today, especially if the certificate, in
11 effect, is held by somebody not before the Court.
12 I don't have any authority to order them to do something.
13 That might be our next matter. But if you can stop the
14 movement of the stock and these two parties are the parties
15 that can do that, I'm quite willing to order that today and
16 then try to go ahead and resolve the questions that Mr. Judd
17 raises as to the motion to dismiss and all such things.
18 It's not likely that I'm going to have time to do that
19 today. But it seems to me that it takes care of stopping any
20 further damage that might occur. But because you've
21 participated in this process and it's gone so far, I'm not in a
22 position to issue an omnibus order that will, especially,
23 impact against people who have done no wrong.
24 MR. QUALEY: Well, that's just it. The 3 point --
25 whatever the total is that they have -- the 2.5 plus the 1.2
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1 does not impact any innocent or bona fide purchaser.
2 THE COURT: Well, that's why I think they're willing
3 to do what they're suggesting.
4 MR. QUALEY: But what it does is it stays on the
5 books. And that's the danger to the company is that the shares
6 that were not paid for were obtained through what we alleged
7 were fraudulent means.
8 THE COURT: Well, what danger is there staying on the
9 books as long as nothing is done with them?
10 MR. QUALEY: Well, and that's where you get into the
11 shorting where they use the fact that there's -- it shows a
12 credit or shows in the free-trading --
13 THE COURT: Who's they?
14 MR. QUALEY: These are the people that sell this stock
15 without owning the stock.
16 THE COURT: Well, I can't do anything about people
17 that are selling it without owning it if they're not before the
18 Court.
19 MR. QUALEY: Exactly, your Honor, but you can prevent
20 that from going on by ordering that those shares be deposited
21 with the court, the shares that are in their possession that
22 were not sold to third parties.
23 THE COURT: They're willing to do that, but they tell
24 me they have no shares in their possession.
25 MR. QUALEY: Okay. Then if we could fashion an order
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1 that -- they can easily get those shares in their possession.
2 MR. SEMENZA: NO, no, no, no, no.
3 MR. QUALEY: And if they'll transfer them once they
4 get them in their possession to the court, we're fine.
5 THE COURT: Well, they say that's not so.
6 MR. SEMENZA: That's right.
7 MR. MACLEAN: Your Honor, we've been faced with a
8 point-blank refusal from DTC to this point.
9 THE COURT: I'm sorry?
10 MR. MACLEAN: We were faced with a refusal from DTC
11 absent the conditions set out in Mr. Semenza's papers.
Care to enlarge on this, spidey? Give us the benefit of your superior legal knowlegde, lol? Remember, Spidey: this is the REAL record. What you claim is simply that.
Scripta manent. |
