Post by JoeRockss on Feb 11, 2007 8:38:43 GMT -5
scruffy2
DIAMOND DIGGER
* TheListener..Awesome Post *
--------------------------------------------------------------------------------
This is from the thread... Re: IMO: Enthusiasm dwindling fast
« Reply #23 on Today at 12:41am »
I have to agree that it is time for the company to pay shareholders a dividend even if it's token to acknowledge that the company is viable and willing to apply pressure on the short. I look back when Kevin West was on the CMKM Taskforce and he told me that the company would be putting out a PR on a day when I was talking with him. The attorney's told Urban that the PR would be out that day and it never happened. I asked Kevin what happened and he told me that Urban was even surprised it didn't come out. He explained his frustration with the lack of communication from the company to shareholders. He told me that the attorney's are running the show and not even Urban can decide when a PR is issued. Basically the attorneys have a task at hand and they could care less what the shareholders think because they have a job to do and that is all that matters, their success ultimately is our success. They refuse to show any part of their hand for whatever it is they are working on. The shareholders are locked in and basically everyone must trust the team whether they like it or not.
I find it rather ironic that Kevin who is a shareholder is now the interim CEO and by position must have a better insight as to what is going on. Kevin believes in communication, he really does. Interestingly enough now that he is on the inside, he is not allowed to communicate because of the attorneys. He might not like it, but he understands why. Kevin is a shareholder and believe me, if he is okay with it, so am I. Kevin stated to me while on the CMKM Taskforce that CMKM had substantial assets. He confirmed to me that there was no way he would be spending all of his time and effort if the only asset was Entourage. The SEC basically warned the CMKM Taskforce that if they tried to tell everyone to pull their stock certificates that the SEC would try to charge them with market manipulation. The attorney's in turn created a transaction which was clever enough to force a stock certificate pull and that is really the only reason why the Entourage deal was done. Not because it was the "only" asset, there are other assets but because it was the only way to get a stock certificate pull underway.
Key point here, I asked Kevin if interpleader was something that was thought of after the stock certificate pull was pretty much near completion. Kevin made it very clear to me that interpleader was the goal from day 1. Basically Robert Maheu told everyone in a meeting that the goal of the CMKM Taskforce was to identify and cert as many CMKM shareholders as much and accurately as possible. The goal was to provide him with a list that he could take to interpleader. Basically different attorneys would be used for different tasks depending on where we were in the overall plan. It was my understanding that despite the PR that Stocklein and Maheu were no longer part of the CMKM Taskforce that they were still consulting with the company. Kevin made it very clear to me that he was extremely confident in what the company was doing because as far as they were concerned they were successful in certing enough shareholders to move forward with interpleader. We knew of the holdouts and that would be addressed through interpleader if they wouldn't cooperate. The fact that interpleader is not filed could be an indication that we are getting some cooperation.
Kevin and I, identified the issue of broker/dealers hiding stock certificates from the CMKM Taskforce. It was obvious to me that the company had some sort of open ended settlement. The reason being that why would the attorneys need to keep their own set of data on shareholders when the transfer agent had the data. Faxing in our stock certificates to the law firm for verification made no sense to me if we are already verified by the mere issuance of our stock certificates with the transfer agent. Also why would the brokerage firms who did order stock certificates and had the shares hide them from the CMKM Taskforce. What would be the purpose of hiding them in their vaults unless by giving them to shareholders and in turn the shareholders faxing them into the law firm created a liability for them. The fact that the DTCC cleared out all of their CMKM was also very interesting. Basically CMKM in the process of distributing Entourage and any other assets would not be using the DTCC. Why would that be? I understand that CMKM is revoked and is a private company and should not use the DTCC, so then brokerage intermediaries have no reason to be holding electronic shares and should have issued certs to their clients. I suspect that if CMKM has settled with the DTCC it could not give the Entourage and any other assets, including settlements, back to the DTCC to distribute. That is why everyone had to fax in to the law firm because ultimately distribution would have to be done through them and not the DTCC.
My purpose here is to try and give a better insight as to where we were and where this is going. It's obviously going forward. I myself get very impatient at times, however when I put it in perspective, there is progress. The cert pull has identified what brokerage firms are naked short, which is critical if this has to be taken into the courts. Nevwest has been busted along with Edwards for their part in all of this. The fact that Nevwest sold 259 billion shares of stock clearly explains why CMKM issues more and more shares to make sure the company retained control with all these additional shares in the market. Shareholders should be intrigued with the fact that these restricted shares were recommended by Frizzell to Stocklein to be null and void for violating the company's restricted stock rules and therefore if done would not only lower the number of shares issued and outstanding, but also create a naked short. If these shares are counted currently in the Taskforce count and now are to become null and void, what is the true count. Also if the company had shares in the treasury that were sitting there to offset a hostile takeover, how many of those shares can be retired now that the threat has been addressed. If 259 billion shares were wrongfully issued, and the company issued the same amount to the CMKM treasury to offest it, what if 518 billion shares are eliminated or retired. Then if there is hardly any float and the naked electronic shares is very high, this could skyrocket the book value of our shares. The naked short, if held by the company, could give us a multiple of our current value. Understand that if the company issues a dividend it means outright "war" and there is no more room for negotiations for those who are short. A dividend is a punch made directly in their face. It is the last resort option, we would like a "settlement" and a peaceful interpleader that pays us nicely. A settlement is better than a dividend, but I must agree with shareholders as to they have had a enough time. It's time to inflict some serious pain if they can't make good on what they sold to the public. Where the line is drawn, only the attorney's know. I am confident in what I know, and therefore I am more intrigued with how this will play out rather than when am I getting paid. I'm more in the mode of how much will I be paid rather than when will I get paid.
Very key points that need to be known this late in the game. 1. do we have assets? 2. is there a naked short? 3. does the company own the naked short?
Well according to the recent conference call Kevin addressed my questions. 1. He said the Emerson Koch he recently met with and felt comfortable with what is has done. Basically Emerson in my opinion verifies the assets and well as my previous conversation with Kevin that CMKM has substantial assets. 2. Kevin outright said there is a naked short and he identified them with me who they were. Etrade, Ameritrade and TD Waterhouse. I also verified through a phone call to the transfer agent that these firms were playing games with their clients that they ordered certs and they were quote "lost" when in fact they never placed an order with the TA for a cert. 3. Most importantly Kevin said on the conference call that the naked short could give huge valuation to shareholders. The only way that could give bonafide shareholders valuation is if electronic shares are owned by CMKM.
I have been silent for a long time because I am confident in where this is going. I'm not happy with the constant delays, but understand it is not the company creating the delays, it is the non cooperation of the brokerage firms. The attorneys are running the show, I am glad they are running the show. We are obviously close to getting a conclusion on this saga. I could care less if the whole market place gets cleaned up, all I care about is us getting paid. I bought CMKM to make money not clean up the marketplace. It is not CMKM's responsibility to clean up the marketplace. It is the government that is responsible. If they have to pay us to shut up, I'll take it. Other companies and their shareholders need to step up and determine their own destiny.
It is the sad reality of the situation, but let's be serious, if CMKM locked in the shorts and it get's us paid that is all that matters to me. Call it selfish, I don't care, I've been in this long enough and all I want is the payoff.
DIAMOND DIGGER
* TheListener..Awesome Post *
--------------------------------------------------------------------------------
This is from the thread... Re: IMO: Enthusiasm dwindling fast
« Reply #23 on Today at 12:41am »
I have to agree that it is time for the company to pay shareholders a dividend even if it's token to acknowledge that the company is viable and willing to apply pressure on the short. I look back when Kevin West was on the CMKM Taskforce and he told me that the company would be putting out a PR on a day when I was talking with him. The attorney's told Urban that the PR would be out that day and it never happened. I asked Kevin what happened and he told me that Urban was even surprised it didn't come out. He explained his frustration with the lack of communication from the company to shareholders. He told me that the attorney's are running the show and not even Urban can decide when a PR is issued. Basically the attorneys have a task at hand and they could care less what the shareholders think because they have a job to do and that is all that matters, their success ultimately is our success. They refuse to show any part of their hand for whatever it is they are working on. The shareholders are locked in and basically everyone must trust the team whether they like it or not.
I find it rather ironic that Kevin who is a shareholder is now the interim CEO and by position must have a better insight as to what is going on. Kevin believes in communication, he really does. Interestingly enough now that he is on the inside, he is not allowed to communicate because of the attorneys. He might not like it, but he understands why. Kevin is a shareholder and believe me, if he is okay with it, so am I. Kevin stated to me while on the CMKM Taskforce that CMKM had substantial assets. He confirmed to me that there was no way he would be spending all of his time and effort if the only asset was Entourage. The SEC basically warned the CMKM Taskforce that if they tried to tell everyone to pull their stock certificates that the SEC would try to charge them with market manipulation. The attorney's in turn created a transaction which was clever enough to force a stock certificate pull and that is really the only reason why the Entourage deal was done. Not because it was the "only" asset, there are other assets but because it was the only way to get a stock certificate pull underway.
Key point here, I asked Kevin if interpleader was something that was thought of after the stock certificate pull was pretty much near completion. Kevin made it very clear to me that interpleader was the goal from day 1. Basically Robert Maheu told everyone in a meeting that the goal of the CMKM Taskforce was to identify and cert as many CMKM shareholders as much and accurately as possible. The goal was to provide him with a list that he could take to interpleader. Basically different attorneys would be used for different tasks depending on where we were in the overall plan. It was my understanding that despite the PR that Stocklein and Maheu were no longer part of the CMKM Taskforce that they were still consulting with the company. Kevin made it very clear to me that he was extremely confident in what the company was doing because as far as they were concerned they were successful in certing enough shareholders to move forward with interpleader. We knew of the holdouts and that would be addressed through interpleader if they wouldn't cooperate. The fact that interpleader is not filed could be an indication that we are getting some cooperation.
Kevin and I, identified the issue of broker/dealers hiding stock certificates from the CMKM Taskforce. It was obvious to me that the company had some sort of open ended settlement. The reason being that why would the attorneys need to keep their own set of data on shareholders when the transfer agent had the data. Faxing in our stock certificates to the law firm for verification made no sense to me if we are already verified by the mere issuance of our stock certificates with the transfer agent. Also why would the brokerage firms who did order stock certificates and had the shares hide them from the CMKM Taskforce. What would be the purpose of hiding them in their vaults unless by giving them to shareholders and in turn the shareholders faxing them into the law firm created a liability for them. The fact that the DTCC cleared out all of their CMKM was also very interesting. Basically CMKM in the process of distributing Entourage and any other assets would not be using the DTCC. Why would that be? I understand that CMKM is revoked and is a private company and should not use the DTCC, so then brokerage intermediaries have no reason to be holding electronic shares and should have issued certs to their clients. I suspect that if CMKM has settled with the DTCC it could not give the Entourage and any other assets, including settlements, back to the DTCC to distribute. That is why everyone had to fax in to the law firm because ultimately distribution would have to be done through them and not the DTCC.
My purpose here is to try and give a better insight as to where we were and where this is going. It's obviously going forward. I myself get very impatient at times, however when I put it in perspective, there is progress. The cert pull has identified what brokerage firms are naked short, which is critical if this has to be taken into the courts. Nevwest has been busted along with Edwards for their part in all of this. The fact that Nevwest sold 259 billion shares of stock clearly explains why CMKM issues more and more shares to make sure the company retained control with all these additional shares in the market. Shareholders should be intrigued with the fact that these restricted shares were recommended by Frizzell to Stocklein to be null and void for violating the company's restricted stock rules and therefore if done would not only lower the number of shares issued and outstanding, but also create a naked short. If these shares are counted currently in the Taskforce count and now are to become null and void, what is the true count. Also if the company had shares in the treasury that were sitting there to offset a hostile takeover, how many of those shares can be retired now that the threat has been addressed. If 259 billion shares were wrongfully issued, and the company issued the same amount to the CMKM treasury to offest it, what if 518 billion shares are eliminated or retired. Then if there is hardly any float and the naked electronic shares is very high, this could skyrocket the book value of our shares. The naked short, if held by the company, could give us a multiple of our current value. Understand that if the company issues a dividend it means outright "war" and there is no more room for negotiations for those who are short. A dividend is a punch made directly in their face. It is the last resort option, we would like a "settlement" and a peaceful interpleader that pays us nicely. A settlement is better than a dividend, but I must agree with shareholders as to they have had a enough time. It's time to inflict some serious pain if they can't make good on what they sold to the public. Where the line is drawn, only the attorney's know. I am confident in what I know, and therefore I am more intrigued with how this will play out rather than when am I getting paid. I'm more in the mode of how much will I be paid rather than when will I get paid.
Very key points that need to be known this late in the game. 1. do we have assets? 2. is there a naked short? 3. does the company own the naked short?
Well according to the recent conference call Kevin addressed my questions. 1. He said the Emerson Koch he recently met with and felt comfortable with what is has done. Basically Emerson in my opinion verifies the assets and well as my previous conversation with Kevin that CMKM has substantial assets. 2. Kevin outright said there is a naked short and he identified them with me who they were. Etrade, Ameritrade and TD Waterhouse. I also verified through a phone call to the transfer agent that these firms were playing games with their clients that they ordered certs and they were quote "lost" when in fact they never placed an order with the TA for a cert. 3. Most importantly Kevin said on the conference call that the naked short could give huge valuation to shareholders. The only way that could give bonafide shareholders valuation is if electronic shares are owned by CMKM.
I have been silent for a long time because I am confident in where this is going. I'm not happy with the constant delays, but understand it is not the company creating the delays, it is the non cooperation of the brokerage firms. The attorneys are running the show, I am glad they are running the show. We are obviously close to getting a conclusion on this saga. I could care less if the whole market place gets cleaned up, all I care about is us getting paid. I bought CMKM to make money not clean up the marketplace. It is not CMKM's responsibility to clean up the marketplace. It is the government that is responsible. If they have to pay us to shut up, I'll take it. Other companies and their shareholders need to step up and determine their own destiny.
It is the sad reality of the situation, but let's be serious, if CMKM locked in the shorts and it get's us paid that is all that matters to me. Call it selfish, I don't care, I've been in this long enough and all I want is the payoff.
