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IRISHBULL

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IRISHBULL

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Re: None

Sunday, 01/28/2007 12:50:22 PM

Sunday, January 28, 2007 12:50:22 PM

Post# of 270437
* * We need change -


My thoughts on Reveres Splits and other filings in penny land...

The question is, how do we get our voices and opinions heard? Who do we email or write to? Change can be made, our voices were heard when we spoke out to pinsheets.com about that dopey .0005 spread they were doing with stocks A-D

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

OK, a company screws you on a reverse split or huge S-8 etc.. You contact the SEC and they read you they penny stock riot act. blah blah blah. Your broker has the same book they read out of when you don't get a fill. Everyone says these pinkies/OTCBB's are not regulated like listed securities. OK, I can live with that. BUT!! What needs to change IMO is the way these penny stocks are regulated. R/S's, S-8's, SB2's etc are tools given to help companies, they are tools given to listed securities also. If pennies are treated differently than listed securities in many ways ie: they are not as regulated as much as listed securities, I think they should treat the way penny stocks use these tools differently. Penny stocks abuse the chit out of these tools. Its disgusting to see a company like Raven Moon abuse reverse splits and S-8's the way they do. This needs to change ASAP. The abuse needs to end. There should be limitations on everything when it comes to pennies. Just like there's a limitation on 504's ie set amount of cash that can be used(1 million bucks is to much IMO) and a set amount of time in between these 504 which is one year.

Here what I'm think:

1. There should be limitations on the amount of stock these companies can authorize in a certain period of time. ie: QBID, CMKX issuing 350 billion shares and up is criminal and insane, something is seriously wrong with the system. If your company can't make it on these limitations set, then the company should not be publicly traded. Using shares to help is one thing but selling shares to make a living is not acceptable. To these CEO's I say get a day job.

2. S-8 should also have limitations in the amount of shares that can be issued and a time frame as to when the next ones can be filed. This way scams like raven moon can't pump out s-8's weekly for self gain IMO.

3. Reverse split need to be tamed big time. WTF is up with a 1:10,000 R/S? I seen it as high as a 1:100,000.. IMO The most R/S ratio these pigs should be able to do is 1:5 and there should be at least 2 years between reverse splits. Thats not being unrealistic at all. Again, if the company can't make it on that, then they should not be public. Further more, these reverse splits should not be sprung on us out of the blue. All companies should have to file with the OTCBB.com a few days in advance of the reverse split so shareholders have a chance to make a decision. How many times have people come home from work after the market closed and found out the stock they own is doing a R/S and they can't sell now? There should be a few days notice on the daily list for a reverse split, this bullcrap of putting it on the daily at 2pm and doing it the next day is unacceptable. They should show up on the daily list at least 3 days before the actual R/S IMO.

4. 504's These are way to high and are being abused like crazy. 504's should be no more than 500K and should be disclosed in a PR by all companies using this tool.

5. penny stock CEO/CFO's should be treated the same way as listed company CEO/CFO's when it comes to fraud. First off there ain't to many CEO/CFO's bust for fraud in penny land even though most seem to commit it and when they are busted, they pay a fine and go back to ripping people off. WTF is up with that? Martha did 6 months in jail for what??? and these %@#!&%^* are walking around free as a bird with our cash??? http://www.investorshub.com/boards/read_msg.asp?Message_id=15856287 - Houston we have a problem!!! These guys robbed millions from shareholders and what is happening to them? These crooks walked free. No wonder other CEO's abuse the hell out of the system, they know nothing will happen. No consequences. At the very least they pay a fine which is usually 1000th of a % of the money they robbed.

These are some of the problems that need to be address to regulators. Friday really pissed me off with ADNL pulling that 1:10,000 reverse split especially when it appears to be coming out of the hole and running. It apparently was a trap and the spread held many in .0003 x .0006 - I just picture these little freakin weasels sitting behind a desk smiling ear to ear knowing that they will now be able to do the same thing over again. Its like maxing out a credit card and then have Visa wiping your debt out and setting you balance to zero so you can go out and spend spend spend again..

I know I'm not they only trader that feels this way, just getting sick and tired watching these %$@&*!% getting away with this hardcore Raven Moon type abuse abuse.

Click here:

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