CMKM Draws Curtain On Its Life As Public Company
10/26/2005
Dow Jones News Services
(Copyright © 2005 Dow Jones & Company, Inc.)
By Carol S. Remond
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Struggling mineral exploration company CMKM Diamonds Inc. (CMKX) has ended its fight to reverse a decision by the Securities and Exchange Commission to revoke the registration of its stock.
An administrative judge ruled in July that the SEC could deregister the shares of CMKM Diamonds because the company failed to file annual and quarterly financial reports with the SEC since 2002. The company had filed an appeal with the SEC.
CMKM Diamonds said in an SEC filing this week that "As a result of the recent events surrounding CMKM," it has withdrawn its petition for review and asked the SEC to institute the revocation.
CMKM Diamonds, a tiny Las Vegas company looking for diamonds in the Canadian province of Saskatchewan, has been trading on the unregulated Pink Sheets market, where billions of CMKM Diamonds shares routinely change hands daily. CMKM Diamonds' elusive number of outstanding shares had been the topic of much speculation until earlier this year, when the company said it had some 703.5 billion shares issued and outstanding.
The SEC temporarily halted trading in CMKM Diamonds shares in March, citing questions about the "adequacy of publicly available information concerning, among other things, CMKM Diamonds' assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management."
The July 12 initial decision giving the SEC the go-ahead to deregister CMKM Diamonds stock included a laundry lists of problems with the company's financial records. It shows that CMKM failed to cooperate with an audit aiming to bring the company back into compliance with securities laws. "For example, (the accountant) was not provided documents that support CMKM Diamonds' issuance of more than $24 million in stock pursuant to an 'unknown agreement'. (The accountant) also is unsure whether CMKM Diamonds' purported acquisition of a jade collection, supposedly worth $56 million, has or has not been reversed," the order said.
The initial deregistration order also showed that CMKM continued to provide shareholders with inaccurate information even after it was first contacted by the SEC. For example, CMKM Diamonds said in March that it had relocated its executive offices to 5375 Procyon Street in Las Vegas when it fact that address was occupied only by a "hot rod" shop.
CMKM has had a cult-like following by small investors, some of whom post vociferously on several online bulletin boards. While some of these shareholders appear to have put their hopes in CMKM Diamonds' mining operations, others thought that they could profit from a short squeeze that would force investors who took bearish positions on the company's stock to cover their trades. A lawyer representing some of these shareholders attempted in vain to introduce alleged evidence that CMKM Diamonds had been the victim of illegal short selling, dubbed naked short selling, during the administrative hearing over the company's future this summer.
A spokesman for the SEC said Wednesday that the Commission received CMKM Diamonds' petition for deregistration but has yet to act on it.
CMKM Diamonds shares were recently trading at $0.0001, unchanged on a volume of more than 850 million shares.
CMKM Diamonds has been the subject of several Dow Jones Newswires "In The Money" columns that highlighted its huge daily trading volume and the lack of information surrounding the company and its mineral claims.
-By Carol S. Remond, Dow Jones Newswires; 201-938-2074; carol.remond@dowjones.com
(END) Dow Jones Newswires
10-26-05 1155ET
Copyright (c) 2005 Dow Jones & Company, Inc.
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Previous CMKM Diamond Press Releases Sep 14, 2010 at 10:15am Select PostDeselect PostLink to PostMember Give GiftBack to Top.
.Post by sandi66 on Sep 14, 2010 at 10:15am10/28/2005- CMKM Revoked
Issue 2005-208 October 28, 2005
ENFORCEMENT PROCEEDINGS
COMMISSION DISMISSES REVIEW PROCEEDING WITH RESPECT TO CMKM DIAMONDS, INC.,
AND LAW JUDGE'S INITIAL DECISION MADE FINAL
CMKM Diamonds, Inc. asked to withdraw its petition for review of an administrative law judge's initial decision, which revoked the registration of CMKM Diamonds' securities pursuant to Section 12(j) of the Securities Exchange Act of 1934, and that the Commission make the initial decision final.
Accordingly, the Commission dismissed the review proceeding and declared the initial decision final. (Rel. 34-52694; File No. 3-11858)
COMMISSION DECLARES DECISION AS TO ST. GEORGE METALS, INC. FINAL
On October 28, the decision of an administrative law judge with respect to St. George Metals, Inc. became final. The law judge found that St. George violated Section13(a) of the Securities Exchange Act of 1934, and Exchange Act Rules 13a-1 and 13a-13 by failing to file annual reports on Form 10-K or 10KSB for the fiscal years ending Jan. 31, 2003, 2004, and 2005, and its required quarterly reports on Form 10-Q or 10-SB for the quarters ending April 30, 2003, July 31, 2003, Oct. 31, 2003, April 30, 2004, July 31, 2004, Oct. 31, 2004, April 30, 2005, and July 31, 2005.
The law judge revoked the registration of each class of securities of St. George Metals's securities. (Rel. 34-52695; File No. 3-11971)
www.sec.gov/news/digest/dig102805.txt ***********************
10/28/2005- company gives up appeal of cease-trade
Friday, October 28, 2005
Diamond company gives up appeal of cease-trade order
By Barry Glass
A former Prince Albert resident who set his sights on diamond exploration is now looking for ways to wind up his business.
CMKM Diamonds, Inc. is based in Las Vegas, Nev., but is run by Urban Casavant. The company’s website says Casavant is from Prince Albert, where he once worked as a prison guard and ran a U-Haul business.
The company was traded on what’s called the Pink Sheets market in the United States and ran afoul of financial reporting regulations earlier this year. Its shares were temporarily suspended from trading due to lack of filing required reports.
The judge in a hearing held to deal with the suspension concluded the registration of the shares of CMKM should be revoked.
Shares of companies must be registered with the Securities and Exchange Commission — the stock market regulator in the United States — in order to be publicly traded.
CMKM had asked for an appeal, but last Friday lawyers acting for the company filed a notice withdrawing that request.
Neither Casavant nor a spokesman for CMKM could be reached.
The day before CMKM withdrew its appeal, Vancouver-based Entourage Mining Ltd. issued a release saying it had acquired CMKM’s 36 per cent interest in some diamond claims covering about 200,000 hectares in the Fort a la Corne area 70 kilometres east of Prince Albert.
The release also said Entourage made an agreement with a numbered company, 101047025 Saskatchewan Ltd., to acquire an 80 per cent interest in other diamond claims in the area covering more than 400,000 hectares.
Those claims were previously the subject of an agreement between the numbered company and CMKM in 2003, says the release.
In documents filed with the securities and exchange commission, CMKM said it is in default under an agreement with another company, United Carina Resources Corp., regarding exploration of claims near Hatchet Lake for uranium.
Hatchet Lake is 600 kilometres northeast of Prince Albert.
The same day as the diamond deals were made, CMKM assigned its 50 per cent interest in United Carina’s claims in the Hatchet Lake area of Canada to Entourage.
In total, Entourage agreed to issue 50 million shares of its common stock to CMKM in exchange for the property interests.
“We cut a straight-up deal,” Gregory Kennedy, president of Entourage, said in a telephone interview.
Kennedy said he has known Casavant for many years but that the transactions were done at arm’s length.
“We think these properties have a lot of merit.”
Other documents filed with the commission by CMKM say Casavant will remain the sole officer and director until the company’s affairs are wound up.
The filings also say, as a result of health concerns, Casavant intends to resign as the sole officer and director as soon as all shares of Entourage and other assets of CMKM have been properly disbursed to its stockholders.
A future release or security exchange commission filing will provide information about the procedures for the distribution of Entourage shares, say the documents.
CMKM, Casavant and other company officials were also hit with a cease trade order in 2004 by the Saskatchewan Financial Services Commission.
That order was issued because the the parties were selling securities in Saskatchewan without being registered to do so, trading securities without filing a prospectus and making misrepresentations about securities, said the SFSC.
www.paherald.sk.ca/news.aspx?storyID=42171 Last Edit: Sep 14, 2010 at 10:19am by sandi66
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Previous CMKM Diamond Press Releases Sep 14, 2010 at 10:16am Select PostDeselect PostLink to PostMember Give GiftBack to Top.
.Post by sandi66 on Sep 14, 2010 at 10:16am10/31/2005- SEC Revokes Registration Of CMKM
SEC Revokes Registration Of CMKM Diamonds Stock
9:30am ET (Dow Jones Newswires)
By Carol S. Remond Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The U.S. Securities and Exchange Commission said in its news digest Friday that a decision to revoke the registration of CMKM Diamonds Inc. (CMKX) stock is now final.
An administrative judge ruled in July that the SEC could deregister the shares of CMKM Diamonds because the company failed to file annual and quarterly financial reports with the SEC since 2002. The company had filed an appeal with the SEC, which it withdrew earlier this month.
CMKM Diamonds, a tiny Las Vegas company looking for diamonds in the Canadian province of Saskatchewan, had been trading on the unregulated Pink Sheets market where billions of CMKM Diamonds shares routinely change hands daily. CMKM Diamonds' elusive number of outstanding shares had been the topic of much speculation until earlier this year when the company said it had some 703.5 billion shares issued and outstanding.
Also final is the revocation of the stock of St. George Metals Inc. (SGGM), another struggling mineral exploration company, which had entered into a joint venture with CMKM Diamonds last year.
CMKM Diamonds have been the subject of several "In The Money" columns that highlighted its huge daily trading volume and the lack of information surrounding the company and its mineral claims.
-By Carol S. Remond, Dow Jones Newswires; 201-938- 2074; carol.remond@dowjones.com
(END) Dow Jones Newswires
10-31-05 0929ET
Copyright (c) 2005 Dow Jones & Company, Inc.
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Previous CMKM Diamond Press Releases Sep 14, 2010 at 10:17am Select PostDeselect PostLink to PostMember Give GiftBack to Top.
.Post by sandi66 on Sep 14, 2010 at 10:17am11/04/2005- CMKM Diamonds Provides Update
CMKM Diamonds Provides Corporate Update (bwire)
LAS VEGAS (Business Wire) -- CMKM Diamonds Inc. today announced a corporate update to its stockholders by disclosing the following information:
Status of Entourage Agreements. On Oct. 28, 2005, Entourage Mining Ltd. completed a private placement of $1,050,000, which effectively removed all contingencies from the agreements disclosed in the Oct. 21, 2005, CMKM Form 8-K. CMKM is awaiting final receipt of the 50,000,000 shares of Entourage Mining common stock. Upon receipt of the 50,000,000 share certificate, the certificate will be held in trust by Stoecklein Law Group in the firm's bank deposit box pending distribution.
Revocation of 34 Act Reporting. On or about Oct. 28, 2005, the Securities and Exchange Commission, in response to CMKM's withdrawal of its appeal, declared Administrative Law Judge Brenda Murray's initial decision final. This effectively revoked CMKM's reporting status under the Securities Exchange Act of 1934, as amended. As such, it is currently unlawful for any broker dealer to effectuate a trade in CMKM's common stock.
Distribution/Dividend of Entourage Common Stock and all other assets of CMKM. CMKM's board of directors, through the distribution Task Force described below, has resolved to distribute the 50,000,000 shares of Entourage common stock to all CMKM bona fide stockholders. In order to be considered a bona fide stockholder of CMKM, a physical stock certificate issued in his/her/its name will need to be presented to the distribution Task Force for confirmation on or before Dec. 31, 2005, or as extended at the sole discretion of the Task Force.
Electronic and/or other forms of ownership (i.e. -- brokerage statements) will not be accepted by the Task Force as evidence of ownership. Therefore, CMKM stockholders who hold their shares in "street name" will need to demand physical certificates from their broker in order to be considered a bona fide CMKM stockholder and be entitled to their proportionate share of the Entourage common stock and any other assets of CMKM to be distributed to its bona fide stockholders.
At the time of CMKM's revocation, CMKM had 703,518,875,000 shares of common stock validly issued and outstanding.
Urban Casavant, CMKM's sole officer and director, has informed the distribution Task Force that neither he nor his immediate family members will receive any of the Entourage shares in the distribution.
Distribution Task Force. As previously released, CMKM has established a distribution Task Force consisting of Robert A. Maheu, Bill Frizell and Donald J. Stoecklein. The distribution Task Force will be entrusted to ensure the shares of Entourage common stock, and any other assets of CMKM, are distributed to only CMKM bona fide stockholders. The Task Force has been given full and complete authority to use all means necessary, including bringing federal or state court legal action, to make certain all bona fide CMKM stockholders receive their proportionate allocation of the Entourage common stock and any other assets of CMKM available for distribution.
Maheu, former CMKM co-chairman and the designated trustee of the Task Force, stated, "I am fully committed to protecting the interests of bona fide CMKM stockholders, including if necessary, bringing appropriate federal or state court actions to ensure the appropriate distribution of the Entourage shares is made. When I initially took on the assignment of assisting CMKM with its compliance needs, of primary concern was doing the right thing for the stockholders. We faced a tremendous number of hurdles, including the trading halt, administrative hearing and let down of numerous professionals. However, with the continued commitment of Urban Casavant and diligent professionalism of Stoecklein Law Group, we are trying to overcome the obstacles of the past and look forward into the future towards distributing value to CMKM's bona fide stockholders. I want to commend Urban and his immediate family for deciding not to share in the distribution of the Entourage shares. This goes a long way towards showing the Casavant family's continued commitment to the CMKM stockholders." Maheu further stated, "This is a time for the CMKM stockholders to look forward towards the future and forget the past. Working as a united front will allow us to extract all available sources of value for distribution."
The Task Force will be establishing a fax line where all CMKM bona fide stockholders can fax a copy of their certificates to be matched to a certified stockholder list. All CMKM bona fide stockholders will need to be identified on or before Dec. 31, 2005, or as extended at the sole discretion of the Task Force. Once CMKM's bona fide stockholders are identified, the Task Force will issue further instructions on how and when the distributions will be made.
Management. As CMKM is effectively a non-operational company holding only the Entourage shares and intangible assets, Urban Casavant will remain as the sole officer and director of CMKM until the Task Force identifies all bona fide CMKM stockholders and all of the affairs of CMKM are wound up.
Again, neither Casavant nor any of his immediate family members will receive any of the Entourage shares in the distribution.
Nevada Minerals Default. Effective Oct. 29, 2005, CMKM was unable to cure the ongoing default with Nevada Minerals under the Operation Agreement for The American Shaft in Portovelo, Ecuador. Therefore, all of CMKM's right, title and interest in The American Shaft has been relinquished to Nevada Minerals.
Future Correspondence. CMKM stockholders are being asked to please refrain from contacting Maheu and the Stoecklein Law Group. All corporate updates will be made in press releases or other forms of distribution media as they become available. The Task Force is in the process of establishing a Web site,
www.cmkmtaskforce.com, for posting of all corporate updates and other relevant information as and when it becomes available.
CMKM Diamonds Inc., Las Vegas
Investor Relations
702-966-6328
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Previous CMKM Diamond Press Releases Sep 14, 2010 at 10:20am Select PostDeselect PostLink to PostMember Give GiftBack to Top.
.Post by sandi66 on Sep 14, 2010 at 10:20am11/07/2005-Website For All CMKM Diamonds
==============================================
Website For All CMKM Diamonds INC Shareholders
==============================================
For information regarding your CMKX shares at this time until further
news please go to this website.
www.cmkmtaskforce.comRegards,
Craig Doctor
Craig Doctor
(604) 278-4656
===============================================
Copyright (c) 2005 ENTOURAGE MINING LTD. (ETGMF) All rights reserved.
For more information visit our website at
www.entouragemining.com/ or send mailto:info@entouragemining.com
Message sent on Mon Nov 7, 2005 at 2:12:02 PM Pacific Time
==============================================
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Previous CMKM Diamond Press Releases Sep 14, 2010 at 10:21am Select PostDeselect PostLink to PostMember Give GiftBack to Top.
.Post by sandi66 on Sep 14, 2010 at 10:21amFaulking Truth Editor to Write CMKX Story
CFRN.net announces interview with Mark Faulk, author of "The Naked Truth - Counterfeiting the American Dream".
Phoenix, AZ (PRWEB) January 7, 2006 -- Mark Faulk, Editor of The Faulking Truth, has been signed by The Owners Group, Inc. to author a book about the saga of CMKM Diamonds (better known by its trading symbol, CMKX), a small once publicly-traded Canadian diamond company that has found itself at the epicenter of the naked short selling scandal known as Stockgate.
The book, to be titled "The Naked Truth - Counterfeiting the American Dream" is due to be released in mid-June, and will be available for pre-purchase at a discount from the list price this Friday, January 6, at The Owners Group web site.
www.theownersgroupinc.com or
www.thefaulkingtruth.com . Upon its release, it will be available at all major online retail websites. You can see the book cover at cfrn.net/thenakedtruth .
According to Faulk, "CMKX in many ways represents the numerous problems that exist in today's stock market system. Even though I was initially apprehensive about writing this story because of the myriad of controversies that have surrounded the company since its inception, the more I learned about the company, its shareholders, and the complexities of the story, the more I realized that CMKX is in fact a microcosm of the very issues that The Faulking Truth and other advocates of stock market reform have been fighting for the past few years."
"It's a story that encompasses not just the trials and tribulations of the company itself and the stockholders who bought into the CMKX dream, but in a broader sense, it is a tale about a group of shareholders who decided to fight back against bureaucracy and what they perceived as ineptitude at the highest levels of governance in America's financial systems. And although all of the symbolic nuances of the CMKX story might have been enough to convince me to take on this assignment, it was the fact that this is really just a great story that needs to be told that sealed the deal with The Owners Group, Inc."
"I'm fully convinced that this story will be of interest far beyond the confines of the financial markets. The intrigue, combined with the twists and turns of the story itself, will make it a story that any reader will enjoy. I look forward to writing this book, and believe that, with the many talented writers that we have at The Faulking Truth, this is just another step in our collective creative journey."
AUTHOR INTERVIEW
Mark Faulk will appear on CFRN tomorrow (Friday, Jan. 6,2006) at 9:30 AM EST, as part of our ongoing series - "CFRN Investigates - Fraud on Wall Street." To listen to the show live, go to
www.cfrn.net . Audio files of the show will be available at cfrn.net/investigates/
For more information on Stockgate, go to:
www.faulkingtruth.com/.
THE OWNERS GROUP, INC.
The Owners Group, Inc. (OGI) mission is to unite legitimate small companies with real investors seeking strong returns at lower risk. By first authenticating a company and its officers, then applying business and market protection services, The Owners Group, Inc. improves our client's enterprise value and corporate legitimacy. Client companies are then profiled to thousands of quality investors who have registered at our web site. These investors have access to due diligence reports and additional information on profiled companies. At no charge, investors can opt-in by going to
www.theownersgroupinc.comInterested companies and investors can also learn more about The Owners Group, Inc.'s unique strategy to deliver success for your clients and their investors in the "About Us" section, or email us for a summary information sheet at e-mail protected from spam bots.
THE CHRISTIAN FINANCIAL RADIO NETWORK
CT Global Media CEO DeWayne Reeves issued the following statement Wednesday evening - "The Christian Financial Radio Network, via 'CFRN Investigates', has ventured into territory where mainstream media, "fears to tread". Our commitment since inception, has been to create a level playing field for investors. Mr Faulk's fearless decision to write this story will bring us one step closer to achieving our goal of returning integrity to the financial markets of the greatest nation on earth. We are also extremely honored that Mr. Faulk has chosen CFRN to make this public announcement.
I would like to take this opportunity to salute Mark and all those who have dedicated their time, resources, and in some cases even their lives, to this great and noble cause. It has taken courage, fortitude, and strength of character to step into the ring and square off against the wealthy, powerful forces that dominate our markets, our media and even the regulatory agencies created to protect us. I stand each day in the shadow of the last American heroes. The level of determination I see is awe-inspiring. These brave men and women, by their sacrifices, are writing the history books our grandchildren will someday learn from.
As "The Voice of the Christian Investor", I am in a unique and humbling position. Serving you, our listeners, as a conduit of information from the front lines to the backyard, is an incredible honor. Our People's Choice Award nomination for investigative journalism, while quite rewarding in and of itself, pales in comparison to the satisfaction I receive from the words of encouragement that flow in from our audience. We have a long battle ahead of us and the next move is now in the hands of the American investor. We have the leadership, we have the evidence, but what we need now, is you. This is your opportunity to make a difference; your chance to leave the world a better place than you found it. This is, A Call to Arms."
Disclaimer
CT Global Media does not accept cash, stock, warrants, or the promise thereof, to select or profile any company. CT works for YOU - The Christian Investor.
Read more:
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