THINGS ARE CERTAINLY INTERESTING.
A bit more research for those interested. Being a lawyer and fairly familiar with large law firm structures, I thought it would be helpful to dissect Edwards Angell. It certainly proved even more interesting than I expected.
The reason I did this was because no matter how many times I toy with the facts (or lack of facts), I keep coming back to one question: why did Urban choose a heavy hitter law firm and why specifically Edwards Angell and why specifically Roger Glenn?
Edwards Angell is based primarily out of Boston, but with a strong presence in Providence and New York. They are generally seen as a "Northeastern" law firm however, rather than a "New York" law firm. Which is where it gets interesting. Their New York office houses 44 attorneys. Of the 44 attorneys, Roger is the only partner that truly specializes in corporate securities. In fact, in total there are only about 4 partners in the New York office that I would even say qualify at all as Securities Partners, with the other 3 clearly having focuses in niche markets on securities (foreign acquisitions, insurance companies, and ERISA). In terms of general securities, financings, M&A, and filings, Roger is the MAN in the New York office. This is signficant. You do not have a presence in New York as a large law firm without making sure that your New York office is the absolute BEST that it can be in the securities department. With the proximity to the exchanges, Wall Street and all the financial business in New York, this is truly the "prestige" office. And Roger is THE guy.
Breaking it down further, pay close attention to the publication that he authored in 2003. Its focus is the Sarbanes Oxley Act of 2002. That Act is a set of some of the most complex securities laws ever passed to ensure proper corporate accountability and governance in companies after the Enron and Worldcom scandals, specifically with respect to filings and dealings with the SEC. I hope this is starting to sink in. To be selected to write an authoritative text on interpreting this Act is a testament to the respect, expertise and integrity that Roger possesses in this field. Now think more about our situation. When it comes to proper filings, navigating the complexities of SEC/filings, and doing it all ABOVE BOARD and with maximum ACCOUNTABILITY, Roger is simply one of the best attorneys perhaps in New York to fit this role.
Let me remind you. He is THE man in their New York office. Not one of dozens of partners. THE man. Now many might be thinking (and surely the bashers will be all over this) "maybe Urban did something wrong and needs Roger to bail him out". First, the press releases expressly stated Roger will "help them become fully reporting" which is quite different than than any corporate wrongdoing. Second, Edwards Angell has a "Corporate White Collar Crime" division specifically. Roger is not listed as one of the 16 attorneys with any expertise in that area. My opinion is that it is 99.9% unlikely that Roger would be involved with anything in that area when there are 16 other attorneys that specialize in that area at the firm. I'd also like to wrap into this that Edwards Angell is probably among a handful (probably among the top 10 in the country) of firms that specialize in venture capital and private equity financing. I cannot say how this may work into the equation but what I can say with confidence is that VC people at THIS level would not touch anything without complete and total due diligence and confidence in an emerging company. If in fact there is any additional financing (a secondary? a group willing to fund a move to get an asset base high enough to qualify for NYSE or AMEX listing?), this is THE firm to handle it professionally and with maximum benefit to shareholders and the company.
So let's connect the dots.
Three press releases in late 2003 to early 2004 confirm the buyback of 38 billion shares. Total listed shares as of February were 37 billion shares. 5 months have passed since then. During that time the stock basically traded at .0001. We do not know how many more shares Urban bought back during that time. Suddenly we have Urban switching transfer agents, announcing his intention of becoming fully reporting and hiring the top securities partner in the New York office of one of the nation's most prestigious law firms.
If you were simply looking to perpetuate CMKX and sell shares into the market, why would you do all this, particularly when "fully reporting" would now mean full disclosure on all transactions?
And why in the world if there were any "problems" would you hire the guy that wrote the book on strict corporate procedures and guidelines with respect to filings?
And this is where I ponder heavily ... Why Roger and Edwards Angell? Why would you pick the New York office's top securities guy, the firm's top SEC filings guy to handle your "fully reporting" status? And why would ROGER who assuredly as their top securities guy (particularly the one that PUBLISHED a legal primer on corporate accountability and integrity) EVER take on a pink sheet company when basically his entire livelihood would take on about the largest black eye possible if ANYTHING fraudulent were involved.
I know I'm rambling. Thanks for listening. A few other points. Roger specializes in Mergers & Acquisitions and was the only attorney I found listing "going private transactions" among his specialties. He also was CLEARLY the most recognized partner with respect to filing and becoming a public, reporting company. And being the MAIN guy in the New York office, something became lucidly obvious in thinking all this through .... and keep in mind this is just one attorneys subjective analysis of all this ... Urban has something so big and unique that not only does it require securities legal expertise of the highest level but it specifically requires that it be handled by someone who stands out in the ethics and integrity department as well. In other words, when all is available to the public, there should be an additional "protection" in everything in knowing that it was processed, approved and filed through an attorney with IMPECCABLE credentials. The fact that Roger Glenn published a legal treatise on Corporate Responsibility following the Sarbanes Oxley Act of 2002 is SIGNIFICANT. It essentially means that if Roger blesses what has transpired, it is meeting the HIGHEST standards of corporate responsibility. And if what I believe Urban is bringing to the table through Roger is what it is, this will be CRITICAL.
To recap:
I am 99.9% comfortable with dismissing the notion that Roger was brought on due to anything negative or to "bail out" Urban.
I am 99.9% comfortable with the fact that Roger Glenn in no way would take on a pink sheet company trading at .0001 if he had ANY suspicion of anything unethical.
I am 99.9% comfortable stating that Urban has hired a partner and law firm that represent the highest standards of ethical and responsible securities law practice in the country.
And all this leads me to the conclusion that this is no mere "get me trading on the otc bulletin board situation". No, my (endless) rambling above leads me to believe that this must be a situation of MONUMENTAL significance.
I am sorry this took so long to type. I hope people found it helpful. I have harped on the significance of this firm and man from day one. I felt it important to expand upon why this is the single most important hint to everything that has transpired so far. Good night and please have a wonderful Father's Day to all the dads out there. Hopefully next year for Father's Day, everyone will be considerably better off in life thanks to this investment. Take care.
Z
As always, these are my personal opinions.
Hopefully nobody in here is investing anything but "fun" money that they can afford to gamble with.
