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OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 4/26/2007 6:04 AM

Mark Faulk has great coverage of the landmark OK anti-NSS bill that was just passed with an overwhelming majority, and is on its way to the governor's office for signature.

Read all about it at Mark's blog, Faulkingtruth.com

-----------------

Eagletech's ugly story was told by a local paper, and it was largely accurate and unbiased. I guess the local papers haven't learned the art of lying from the NY press yet. This is a good read, and a sad commentary on the state of the media in the US these days. Not to mention the state of the regulatory environment, and most of the brokerage system.

What a frigging cesspool.
Copyright ©2007 Bob O'Brien
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Comments (23)
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By bbhindyou on 4/26/2007 9:07 AM
This has to bloody a few sharks.
Feeding frenzys can be dangerous.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Nero on 4/26/2007 9:08 AM
Bob, In the EagleTech story Rod Young said it costs about $100,000 for a company to be able to file audited financials for a year.

What I do not understand is that Eagletech raised millions of dollars in the private placements and yet did not have 100 Grand.

I dont get it
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By bobo on 4/26/2007 9:10 AM
Gee Nero. Maybe after year after year of paying that out, and battling convicted mob felons, and paying a staff, and then having his stock decimated, maybe there wasn't money left after a certain point? Just a guess, mind you. My perpetual bag of replenishing money never seems to last forever. His probably didn't either.

Maybe the guys who were convicted for doing what he claims they did could answer that one for you?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Burnt Nero on 4/26/2007 9:58 AM
Amazing how fast the shills will trash Rod Young and Eagletech with nary a glance at the lawsuit. The suit is NOT about how Rod did or did not do it is about crooks that did illegal things to the shareholders while profitting at their expense. Guess they are TOO lazy to read? Or just paid-for slobs?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Nero on 4/27/2007 7:06 AM
Bob, I am refering to March of 2000 just before Eagletech was delisted from the otcbb. They had done private placements for millions and yet at the time did not file the financial report with the sec.

If it was only 100 grand why did Rod not file with the SEC in the year 2000?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By antny@singsing on 4/27/2007 7:05 AM
Guys, please help. I sent DOZENS of e mails to the SEC detailing the blatant manipulation of BTVL. The stock was driven from $3 to .03 in 2 months. I know who was doing it. BTVL knows who did it and took legal action. I detailed to them how KNOWN stock manipulator Frank Labrozzi (read the SEC complaint) was manipulating the stock. Much to my surprise, he's now CEO of another public company BQDG. No share count given and an address on Rossevelt Island NY that doesn't correspond to Brand Quest. Now, I read NASD case # 2005000191701 naming Paul Michael Giarmoleo for some VERY aggressive selling tactics. He too was mentioned in sveral of my e mails. The sage Jack Hardy at the SEC said to me "if the fundamentals warrant, the stock will go back up". Do I have a case against the SEC? They sat and watched the manipulation WHILE bringing cases against the 1's named in my e mails. My last effort to get some action out of them was a plea to contact BTVL mgmt directly. They have material info that can further the case against Giarmoleo. They are complicit in the fraud.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By clearthinker on 4/27/2007 7:06 AM
or worse.....the worst of this is the silence from the major media and from our regulators......silence from those who are the protectors and reporters....

They are obscene with their silence.....absolutely obscene....
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By metoo on 4/27/2007 7:07 AM
Let's hope this one gets signed.

I am looking forward to seeing the reports when published.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Lenofus on 4/27/2007 7:07 AM
Most of the companies that obtained such financing, never really received anywhere near the money the press releases said. A leading defendant in these matters was famous for the "XYXABB obtains 30mm credit line from Defendant One". Immediately the shorting happens, and the stock is so much lower, so dilutive, and sometimes the company was already done, not a lot of money made it to the company. Also, if you read the complaint, he names his partner. Put 2 and 2 together

Eagletech was already finished when they were chasing the Mob with the SEC. He had no money. Then, when they nailed Valley Forge, the SEC slammed the door, in reality paying the bad guys in spades.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By S. P. on 4/27/2007 7:07 AM
I think Bud got it right. This one really is big. I would imagine every one is going to come out blazing.

Cheers
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By roller skate on 4/27/2007 3:29 PM
To Nero and other Eagletech Bashers. If you can read and understand and learn the truth about what can and does happen to early stage development companies that have a good business plan and a good product you would be more willing to quit bashing, or are you paid and you just don't care! Patents don't come cheap, building and installing sophisticated equipment does not come cheap. Nor does office space or equiping it, paying salaries to the infiltrators. Just read the claim filed in Florida Circuit Court as well as http://www.hsconnect.com/news/articles.asp?articleID=12943 written by a small town business editor that had the guts to tell the story you don't see in Wall Street Journal and other large papers.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Rollerskate on 4/27/2007 3:29 PM
http://www.internationalshareholdersgroup.com/pdf/Eagletech_v_Citigroup_Complaint_Filestamped.pdf
Nero, to make it easy for you, hear is the full 51pages of the complaint filed in Flordia District Court. Read, Learn.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By sho on 4/28/2007 2:14 PM
What date can I expect the new SHO rules to be implemented by?

This summer will be a year of comments.
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By naked short silver on 4/28/2007 2:14 PM
http://news.silverseek.com/SilverSeek/1177698994.php
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By JLB on 4/29/2007 6:02 AM
Another example of how some of the theives are given a free pass
http://www.nytimes.com/2007/04/29/business/yourmoney/29every.html?ref=business
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Too Funny! on 4/29/2007 4:40 PM
Subject: File No. S7-12-06
From: Dewey Cheatem, ESQ.
Affiliation: Dewey, Cheatem Howe (Barbados LLP) April 25, 2007
Chris;
YIKES (Exclamation point).
Have you heard what those Okies went and did?
OK State Bill 979 is, as I read it, the polar oposite of our Beloved Get/Stay out of jail travesty, er, regulation REG SHO. Why, it actually prohibits our beloved fraud, naked shorting/failure to deliver.
Why, the nerve of those backwater, fly over state hicks to go and try to protect their own citizens, just because the SEC has been sitting on their hands for the pasr two to three years while American companies and investors are swindled.
Why there is even talk of similar legislation in Utah and Connecticut (exclamation point).
Chris, we CAN NOT have a wave of states doing this. Aside from being JUST A BIT ah, embarassing to the SEC, it really cuts into our ability to carry on our nationwide swindle.
Ya gotta do something (exclamation point). Can't you claim jurisdictional authority to squash these do gooders?
I mean, before long, the SEC wil become irrelevant......
(Note to SEC mid level employee tasked to read these letter so there is plausible deniability as to whether or not the overwhelming majority of Type "A" letters were even read, this is yet another whiny Type "A " letter.)

Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Sean on 4/29/2007 4:41 PM
Another example of how this crime hurts us all!!!

Comment to the SEC, its your right and obligation

Subject: File No. S7-12-06
From: Dennis Sapire, LLB PhD
Affiliation: Retired Attorney and Clinical PsychologistApril 26, 2007
I hope the SEC will review and revise its regulations and policy in relation to oversight of shorting and especially naked shorting and enforcement of covering requirements.

As a lawyer, I am concerned about the distortion of stock prices and the unfair impact this has on investors who are influenced into making poor decions.

As a medical psychologist I am concerned especially about the incessant shorting of biotechs which can hinder and/or prevent raising capital for R and D.

As a survivor of cancer and chemotherapy, and an investor who was recently inspired to go long on Dendreon (DNDN) I request you examine the shorting of Dendreon in particular, and biotechs generally. In relation to DNDN, shorting appears to be at appallingly high levels.

Historically, the company has had to drop research on its life saving cancer treatment "Neuvenge" largely as a result of the hammering its stock has taken from shorts. (We know it is likely to be FDA approved as its similar treatment for Prostate Cancer is about to get the FDA nod and to revolutionize cancer treatment.)

Sadly, this is not uncommon in relation to biotechs.
People are dying who might otherwise live - the consequences of unregulated shorting and share counterfeiting (if I might use this phrase) can be lethal -and I am confident that with your help, the market can rise above greed and ensure life saving treatments are not lost in the pursuit of unfeeling profits.

"This is our country" By clearthinker on 4/29/2007 4:41 PM
We have the SEC grandfathering fails to deliver stock to the RIGHTFUL owner
We have the oil companies reporting RECORD profits as the consumer pays through the nose for gas
We have the SEC Chairman stating that naked shorting and FTD's are a problem, and CNBC, NY Times are all silent
We have PBS running a show on Gary Aguirre ciritcal of a system that protects people with "juice"
We have the Eagletech affidavit (shocking to say the least)
We have OSTK on Reg SHO list for 500 + days, with hundreds of bash posts per day on Yahoo.
We have Refco going public with the SEC's blessings knowing that Refco brokers were caught manipulating the stock of Sedona -hundreds of millions of dollars are lost in 3 weeks as the stock (Refco) goes public and is quickly worthless.
We have Jim Cramer publicly admitting to stock manipulation y using hedge fund power to create illusions of strength or weakness.

I don't recognize my own country....All this talk of homeland security? Where is the homeland security for investors? Where is the protection that our government is sworn to provide us? Where is the sense of outrage by the press?

We are a country that is losing the battle against itself.......
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By honkytonker on 4/29/2007 4:42 PM
My guess is that in addition to a full-court press in OK, the crooks will try to pass Federal legislation that pre-empts all state laws and vests enforcement solely with the SEC. Anybody want to take the other side of the bet?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By Inept, bought, or blind... or all three. on 4/30/2007 10:28 AM
The SEC was wrong when they grandfathered fails. It was either juice applied to get the grandfathering clause and the exemptions increased or they were so far behind in enforcement that they knew they couldn't stop it. So they just changed to rules to accomodate the fraud in violation of the Securities and Exchange Act.

It is hard to believe how this was put in place. The SEC didn't have empirical evidence as they weren't even following the number of fails. Having asked for such data via the FOIA before it was implemented, I was told that the SEC didn't have it. What a crock. Whose job is it at the SEC to track this? They pass a rule to gather and publish data and the only ones who look at it are investors who interpret it much more quickly than the SEC.

If Oklahoma sticks by its guns, others will follow. We should hear more from the Securities Industries as they try to thwart this bill's implementation. States shouldn't have to do this, but the SEC has left them no choice. The SEC has perpetuated the fraud, extending the period of disregard for the law. They have to rescind the offending rules or there are going to be 50 new laws to stop the corruption.

Does OSTK being on the SHO list for two years mean that the original grandfathered fails are still in place or does it mean that no matter how much trading goes on, the shares that were hypothicated can't be covered because the size of the counterfeiting fraud by Wall Street is too large.

Watch for WS to attack this bill. It must get tiresome putting out fires..

It seems like these rules were put in place to see just how placid and dumb the ordinary investor is. Close to 900 comment letters have been written addressing the SHO debacle. The proportion of the investors demanding a return to sanity and enforcement of the law is astounding... with one investor doing the analysis of the comments as if the SEC could comprehend.
Subject: File No. S7-12-06
From: Gilbert M ErskineApril 23, 2007
As of 04/23/07, there have been 857 comment letters on Amendments to RegSHO since the first one on 07/16/06.
A 100% audit of these letters show---
Individuals opposed to amending RegSHO 9
Organizations opposed to amending RegSHO 14
Letters not relevant to RegSHO 7
Individuals organizations in favor
of amending RegSHO 827 (96.5%)
As more and more investors have become aware of the enormity of the problem of abusive naked short selling, the bulk of letters favoring amendment cite---
1 Elimination of the grandfather clause
2 Elimination of the option market maker exception
3 Concern over the breakdown in enforcing
law and policy at the SEC
4 Other detail concerns relating to transparency
and appropriate disclosure of information
The NCANS letter of 09/30/06 has (adjusted) 1,049 signers.
Many individual's on other dates have written more than one letter. A conservative estimate of individuals organizations favoring amending totals 1,800. This dwarfs the 23 individuals and organizations opposed to amending.
A number of individual's letters detail specific instances of the devastating loss of investment capital when, as shareholders, their companies have been targeted for rampant abusive naked short selling practices.
The SEC's INVESTOR'S ADVOCATE formally states, "This mission of the SEC is to protect investors...As more investors turn to the stock market to secure their future, our protection mission is more than compelling than ever."
The question that everyone has now---
Why is the SEC so slow, so blind, so ineffective, in
dealing with such a major problem in the American capital markets?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By tmg on 4/30/2007 10:29 AM
Officially, the comment period for Reg SHO ends (again!) today. We'll see...
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By foia on 4/30/2007 7:37 PM
Can we use FOIA to get a copy of the meeting minutes where the grandfathering was approved? Who was for and against and what were the reasons? Who attended the meeting?

If we can't get it, can congress or the states request it?
Re: OK Passes Anti-NSS Legislation; Eagletech Story Told Without Bias By bobo on 4/30/2007 7:37 PM
You would think a FOIA request would have to show that, wouldn't you?

Will someone take this on and send in a request for the minutes of that meeting?

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