No worries about being skeptical. It is a healthy habit.
The short CVR's are still in my account and taking up $2.50 per share despite the CVR being marked as zero value. Is standard policy at many online brokers to use this $2.50 minimum margin for any short. The issue is that broker says they are not tradeable, so I have to wait for the CVR to cease to exist. I thought that the issue would get cleared up over time, but I still have a short CVR position.
Is there an actual expiration date on the CVR?
Thanks for the feedback
Oh, I see you were *short* the stock, and after you covered, you were left with a short CVR. Too bad they are independent securities, because buying SCEI now won't cover the "CVR."
(So when I asked you how much the rights were valued at -- and you replied what the value is for a long holder -- that was just conjecture, right?)
It kinda sucks for you, that of all the investors here -- long and short -- who posted that the CVRs were never issued to them, prior to expiration -- you were the one unfortunate who got stuck with a short position that just won't go away. :(
Anyhow, as I've said: contact Signature Stock Transfer about the matter.
Oh, yeah, you could do a huge favor (for a fellow former short) -- let me know the CUSIP number of the CVR in your account. (One of the press releases stated a CUSIP had been assigned, but didn't give the number.)
No it is not an issue of "American Interest." It is an issue of what Chinese courts would do IF Ren wishes to make a challenge. It is an issue of what Wiscon's "wholly owed operations" really are. It is an issue of what assets actually reside or are left in such. And it is very much an issue of just who runs what and where. While one must also ask who's interests are forefront in Seiden's mind - US shareholders or his own. So we are left with a whole lot of questions having very few concrete answers.
You and anyone else can freely speculate about all these issues and more. I, having had numerable bad experiences with both the Chinese micro-caps and the lawyers claiming to be helping me to fight them, remain skeptical. So I will hold to my stance of hoping for the best while fearing the worst.
You were correct to use the word "possible" since anything is ... although we will likely continue to disagree on the word "probable." Looking at the share price of SCEI; one can only state that evidently most investors agree with my position. But the majority are sometimes wrong. I bought Accredited Mortgage for less than 50 cents and sold it for $14 a year latter. My only secret was that I read all the court documents. Maybe you have such a source yourself.
Our new poster indicates he is stuck with an open short position in the CVR that comes from being short SCEI on June 13, 2011 (the of-record date for distribution of the CVR to shareholders).
I'm surprised to learn of this -- as for the longest time people had been posting on this board that the CVRs had not been issued, and there were multiple statements from the company confirming the delay in distribution -- up until around the time the underlying court case was dropped and it became a non-issue.
I'm pretty sure there are active posters on this board who held open positions on 6/13/2011 -- did anyone else ever get the distribution of the CVR? Anyone?
It's now unrelated to the shares of SCEI -- and nominally worthless, but perhaps we could help reactivate some trading in the CVR so that holders could sell for some value, and any shorts could close out their position.
A short SCEI.CVR position with my online broker. Longs and shorts should have been issued electric CVR's.
HOW TO IDENTIFY A BASHER
1. Check the "Born on Date" Bashers create identities on a regular
basis. Rarely do you find a Basher with older "Created On" date.
So click on the Identity icon for more details.
2. Take the time to look at the Basher's history of Posts. Go to other
boards and see if their is a pattern to the theme of the posts.
Bashers rarely waste time trying to blend in with "positive" posts,
unless they are cultivating a new uninformed assistant.
3. When did the Basher show up. Bashers rarely show up when
activity is in at a Lull. They show up when activity up/down.
4. Bashers never answer direct questions except with another question.
5. Bashers do work in teams (sometimes themselves as a team).
So be suspicious of someone showing up and automatically having
a Shadow to converse with who supports their argument.
6. Bashers always select "an argument" that can never be resolved
HOW TO IDENTIFY A UNINFORMED LONG
1. Wants to talk about people on the board instead of potential problems with the company or merits of their business model.
Demostrating absurdity WITH absurdity IS my point. The person, or alias with all the multiple aliases, talking with oneselves is akin to one playing with oneself, visually disgusting.
Tell your short buddies holding those naked shorts they are screwed.
Time to move on!
He has by July 31st of this year sucked $300,000 from shareholders. He did that in less than 45 days of receivership. It has now been close to 60 days since that time. That is another $450,000. By December 31st, that will be another $600,000. That will be a total of $1,350,000 sucked out of shareholders by the one person who was appointed to be the custodian of their shares. Nice job shareholders of SCEI.
GAWD! 10 hours and no one had any answer for moneysucker111?
I will tell you what the Seiden Syphon is all about. Seiden adds a lot of value to investors here. He has created so much hope that the stock price has doubled to $0.40. So, he's created an opportunity to sell at a profit! That's unbelievable for SCEI holders. So, that's #1.
#2 he has created a path to finality with the shareholders. He will deplete whatever reserves exist in the company through his Syphon, then he will fire Ren, and then SCEI will finally wind down as a US Traded company.
Everyone should be grateful. When SCEI stops trading, no one will have to answer stupid questions about the Seiden Syphon, pre-paid coal, STDs acquired in Thailand or any other SCEI topic.
I think the Syphon (TM), will have a higher expense than moneysucker suggested. The Syphon will employ a variety of consultants after the initial legal legwork is done, and costs will increase, accelerating the time to the final SCEI trade in the open market.
Seiden, on the other hand, will not do any work for which he is unlikely to get paid. When the money is gone, Seiden's Syphon will suck air, and he'll be out (and will have been well paid for his efforts).
Looking at $10k or so per day via Sieden's Syphon...til they run out of $.
That's the most recent financial release for scei. (Actually, it's true).
The funds for paying Seiden and his team are to be paid by the company, meaning SCEI. It is in the court order.
But we still don't know what the stock symbol SCEI really encompasses. So the question remains - where is the money coming from right now? China? Wiscon? where???