Owner
Post by Franko10 ™ on Mar 16, 2005 8:42:49 GMT -5
There have been many very good posts about this last filing, but many have asked me to comment with a post. So here it goes.
As many know I am not biting into the immediate tender offer theory promoted by so many around the boards and in certain circles. Is it possible? Yes! Is it probable? I see no evidence of it, so I would say no. Could it be more probable/ feasible in the future? Yes! Rather I expect the company to resume trading on the 17th, but in the grays and then make its way back to the pinks probably by mid next week. I think this filing is a clear indicator that what Mr. Maheu came on board to do he is also going to do. What is that? Bring CMKM Diamonds to a state of being a fully compliant company with the SEC.
Reference:
On Feb. 9, 2005, CMKX engaged Stoecklein Law Group, a firm
specializing in securities matters, as new securities counsel to
assist with the correction of past deficiencies and guide CMKX through
its regulatory compliance requirements. "When I joined the board one
of my prime assignments was to improve corporate compliance. A prime
component was to reinstate reporting status, which was efficiently and
expeditiously handled by the Stoecklein Law Group," stated Robert A.
Maheu, co-chairman of CMKX…<br>With its reporting requirements now reinstated, CMKX can now file current, quarterly and annual reports with the SEC disclosing vital corporate information to the investing public and its stockholders.
However, due to the length of time CMKX has not been reporting there are a substantial number of filings, including financial statement audits, that will need to be made to bring CMKX current in its reporting obligations. Readers of this press release are encouraged to monitor the SEC's EDGAR Web site (www.sec.gov) for future CMKX filings…CMKX is currently working toward completing an audit of its financial statements and the preparation of the necessary SEC filings…<br>All corporate updates will be made inpress releases and filed in current reports on Form 8-K as they become available…<br>Furthermore: March 4, 2005
"The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets." Consistent with this mission, Casavant specifically engaged Robert A. Maheu to assist CMKX in its compliance efforts. "Like the SEC, protecting our investors is a primary concern. We have been aggressively gathering the essential information needed to comply with our public disclosure obligations and anticipate working with the SEC to ensure our compliance with all federal regulations," stated Maheu, co-chairman of CMKX…<br>"We are not letting these regulatory matters impede our primary focus of creating stockholder value through the mining and development of our mineral assets," stated Maheu. CMKX is continuing to search for additional property claims in Canada and monitor its holdings in Ecuador…<br>This temporary suspension will expire on March 16 at 11:59 p.m. EST and trading in CMKX is anticipated to resume on March 17, 2005.
This recent filing of the 8k tells us absolutely nothing about the possibility of a naked short position as some have indicated. I don’t know what has been said I am simply stating that some have contacted me that some are saying a NSS is indicated. I don’t know how these could have arrived at this possibility, but it would be interesting to read, I’m sure.
NSS’s are not reported on any 8k’s, 10Q’s, 10k’s or any other company report because they are illegitimate shares fabricated by the MM’s, DTCC, off shore hedge funds, etc and are not recognized by the company any way shape size or form. These are shares fabricated by the market, owed by the market, controlled by the market, inventoried by the market, settled by the market. There is no immediate way the company could even identify one NSS without having a complete audit of the brokerage firms/clearing agencies as to the shares and shareholders on record for CMKX. With the exception that they (CMKM Diamonds) had the entire O/S in an company account somewhere and can account for every share through the company and then shareholders produce certificates or broker statements that they have ownership of CMKX in their respective portfolio. This is a possibility, even some what probable, but definitely possible.
Restricted shares can be held in electronic form and thus registered as street name DTC, CEDE & Co. shares. CEDE basically meaning the registered owner and nominee is the DTC (Depository Trust Company) and affiliates. Cede & Co. is the name used by the Depository Trust Company (or DTC) to hold shares "in street name"--in its name--for the actual or beneficial owners of the shares making it only a depository bank. DTC, it said, is an association of more than 200 brokerage firms and financial institutions, formed pursuant to congressional mandate for the purpose of holding shares in street name on behalf of customers. Cede & Co. also would handle our street name CIM, GEMM, and USCA share dividends that we have received from CMKX and any future share dividend distributions.
Our GEMM/USCA/CIM are all restricted share dividends we have received and they are being held in street name by the DTC or CEDE & Co. Your broker holds the record book for your ownership in street name, but the DTC usually holds the certificates for your shares. When you request certificates the broker contacts the DTC that contacts the T/A that cuts the new certificate for you and a new one for the DTC with the up to date adjustments in that security. Seeing that restricted shares can be held in street name then one cannot clearly identify the float based on the current figures supplied by the company.
703 + billion in the O/S = 407 Billion (Street name) + 296 billion held in certificates. The street name doesn’t indicate a float, because any restricted shares accounted for in the electronic form (or Street name) would not be counted as part of the float and the entire 100% of the 407 billion could be owned by the company as restricted shares. I am not saying the company owns 100% of those shares, but it is possible and therefore not a clear indicator of any size of a float. The needed info simply isn’t out yet.
It does raise an issue of company control and how Urban has 51% of the outstanding when 296 billion are in certificates and 407 billion are in electronic. Remember “electronic or street name” does not mean they are available and part of the float. I can not imagine that Urban would have the company in a position where someone could buy up the majority of the O/S and walk in and take over. NSS do not count in the equation as they are not legitimate shares, regardless of how many try and make you believe they are real.
(Continued)
As many know I am not biting into the immediate tender offer theory promoted by so many around the boards and in certain circles. Is it possible? Yes! Is it probable? I see no evidence of it, so I would say no. Could it be more probable/ feasible in the future? Yes! Rather I expect the company to resume trading on the 17th, but in the grays and then make its way back to the pinks probably by mid next week. I think this filing is a clear indicator that what Mr. Maheu came on board to do he is also going to do. What is that? Bring CMKM Diamonds to a state of being a fully compliant company with the SEC.
Reference:
On Feb. 9, 2005, CMKX engaged Stoecklein Law Group, a firm
specializing in securities matters, as new securities counsel to
assist with the correction of past deficiencies and guide CMKX through
its regulatory compliance requirements. "When I joined the board one
of my prime assignments was to improve corporate compliance. A prime
component was to reinstate reporting status, which was efficiently and
expeditiously handled by the Stoecklein Law Group," stated Robert A.
Maheu, co-chairman of CMKX…<br>With its reporting requirements now reinstated, CMKX can now file current, quarterly and annual reports with the SEC disclosing vital corporate information to the investing public and its stockholders.
However, due to the length of time CMKX has not been reporting there are a substantial number of filings, including financial statement audits, that will need to be made to bring CMKX current in its reporting obligations. Readers of this press release are encouraged to monitor the SEC's EDGAR Web site (www.sec.gov) for future CMKX filings…CMKX is currently working toward completing an audit of its financial statements and the preparation of the necessary SEC filings…<br>All corporate updates will be made inpress releases and filed in current reports on Form 8-K as they become available…<br>Furthermore: March 4, 2005
"The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets." Consistent with this mission, Casavant specifically engaged Robert A. Maheu to assist CMKX in its compliance efforts. "Like the SEC, protecting our investors is a primary concern. We have been aggressively gathering the essential information needed to comply with our public disclosure obligations and anticipate working with the SEC to ensure our compliance with all federal regulations," stated Maheu, co-chairman of CMKX…<br>"We are not letting these regulatory matters impede our primary focus of creating stockholder value through the mining and development of our mineral assets," stated Maheu. CMKX is continuing to search for additional property claims in Canada and monitor its holdings in Ecuador…<br>This temporary suspension will expire on March 16 at 11:59 p.m. EST and trading in CMKX is anticipated to resume on March 17, 2005.
This recent filing of the 8k tells us absolutely nothing about the possibility of a naked short position as some have indicated. I don’t know what has been said I am simply stating that some have contacted me that some are saying a NSS is indicated. I don’t know how these could have arrived at this possibility, but it would be interesting to read, I’m sure.
NSS’s are not reported on any 8k’s, 10Q’s, 10k’s or any other company report because they are illegitimate shares fabricated by the MM’s, DTCC, off shore hedge funds, etc and are not recognized by the company any way shape size or form. These are shares fabricated by the market, owed by the market, controlled by the market, inventoried by the market, settled by the market. There is no immediate way the company could even identify one NSS without having a complete audit of the brokerage firms/clearing agencies as to the shares and shareholders on record for CMKX. With the exception that they (CMKM Diamonds) had the entire O/S in an company account somewhere and can account for every share through the company and then shareholders produce certificates or broker statements that they have ownership of CMKX in their respective portfolio. This is a possibility, even some what probable, but definitely possible.
Restricted shares can be held in electronic form and thus registered as street name DTC, CEDE & Co. shares. CEDE basically meaning the registered owner and nominee is the DTC (Depository Trust Company) and affiliates. Cede & Co. is the name used by the Depository Trust Company (or DTC) to hold shares "in street name"--in its name--for the actual or beneficial owners of the shares making it only a depository bank. DTC, it said, is an association of more than 200 brokerage firms and financial institutions, formed pursuant to congressional mandate for the purpose of holding shares in street name on behalf of customers. Cede & Co. also would handle our street name CIM, GEMM, and USCA share dividends that we have received from CMKX and any future share dividend distributions.
Our GEMM/USCA/CIM are all restricted share dividends we have received and they are being held in street name by the DTC or CEDE & Co. Your broker holds the record book for your ownership in street name, but the DTC usually holds the certificates for your shares. When you request certificates the broker contacts the DTC that contacts the T/A that cuts the new certificate for you and a new one for the DTC with the up to date adjustments in that security. Seeing that restricted shares can be held in street name then one cannot clearly identify the float based on the current figures supplied by the company.
703 + billion in the O/S = 407 Billion (Street name) + 296 billion held in certificates. The street name doesn’t indicate a float, because any restricted shares accounted for in the electronic form (or Street name) would not be counted as part of the float and the entire 100% of the 407 billion could be owned by the company as restricted shares. I am not saying the company owns 100% of those shares, but it is possible and therefore not a clear indicator of any size of a float. The needed info simply isn’t out yet.
It does raise an issue of company control and how Urban has 51% of the outstanding when 296 billion are in certificates and 407 billion are in electronic. Remember “electronic or street name” does not mean they are available and part of the float. I can not imagine that Urban would have the company in a position where someone could buy up the majority of the O/S and walk in and take over. NSS do not count in the equation as they are not legitimate shares, regardless of how many try and make you believe they are real.
(Continued)
