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BB LIQUIDATING INC. Message Board

  • kirby2ndplatoon41 kirby2ndplatoon41 Jul 18, 2011 1:45 PM Flag

    ETRADE trying desperately to shuffle shares...

    http://www.pinnacledigest.com/blog/stargazer/naked-shorting-why-not-just-ignore-law

    looks like etrade is the biggest short on Blockbuster at the moment, trying all day to stay on lowest ask price to feed partners and make new delivery dates... funny excerpt from that link;
    -----------
    "Below are extremely truncated excerpts from a very interesting conversation posted on a discussion board. An investor decided to experiment by trying to buy a shorted stock from 2 different sources. Here's what happened. Read the whole exchange for many more details.

    Dennis Smith Posted: "I thought it might be interesting to prove a short position first hand by purchasing shares in (GLKC) a company that reportedly already had over 100% of it's shares sold (and "legally" documented).... Just after settlement date (three days later), I requested certificates from both brokers. The cert ordered through Ameritrade appeared in three weeks....

    Getting the Wells Fargo cert however has become predictably (and almost amusingly) problematic....":

    From Wells Fargo: ...We are researching your request and will contact you directly as soon as we have completed our investigation....

    From Dennis Smith: ...It's been five days. What kind of "investigation" are you doing?

    From Wells Fargo: ... We were awaiting full delivery of the shares from the transfer agent. Unfortunately, due to some unusual circumstances, this took longer than we expected.

    From Dennis Smith: What exactly are the "unusual circumstances"?

    From Wells Fargo: ...The broker/dealer from whom your shares were purchased is short 5,000,000 shares versus the street. A broker/dealer is allowed to sell shares which they do not own, which they will buy at a later date and deliver.

    From Dennis Smith: Exactly how later is "later"? Is not a 5,000,000 short position cause for alarm? Who is the subject "broker/dealer" from whom you acquired my "shares" and what is that dealer telling you about his apparent failure to deliver? As I understand it, a shareholder is entitled to physical certificates in every event, assuming the buy was legitimate.

    From Wells Fargo: ...The other broker/dealer who is short shares of your security is E*Trade. Though this type of activity makes it difficult to issue physical certificates, it is legal and within regulations. There is no definite date by which E*Trade would have to purchase the shares.... According to our trading desk, E*Trade was the only broker/dealer offering shares of GLKC yesterday. This has been the case since you originally requested your certificate.

    From Dennis Smith: You stated there is no definite date by which E-Trade has to purchase the "short" shares that they sold you and that in turn you sold me. How can this be "legal"? What is to prevent them from continuing to sell what they don't own while subsequently refusing to buy the shares back if there are no time constraints?...

    My bottom line is this. I demand the physical GLKC certificate(s) representing the shares I purchased.

    From Wells Fargo: ...We have received your request for physical certificates. As soon as we are able to order a physical certificate for you, we will do so.
    "

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    • in the 70's, all the whack jobs said we were using up all of the oil and there was a finite amount and we would run out soon and we were destroying the ozone and we were causing global warming and and and...

      the proof that oil is replenishing itself is greater than the proof that it is running out... it is all part of a long term socialist (aka liberal) agenda designed to make people dependent upon a central government then to make the leaders of those causes wealthy and powerful...

      I am not the biggest Palin supporter, but I know that all people that dismiss her like she is a joke are ill informed followers of what ever the talking heads are saying...

      The same talking heads that gave credence to the inventor of the internet Al Gore's ill informed rantings while he's made millions pumping disproved science and making what we exhale (carbon dioxide) a pollutant... which any 7th grader knows (or at least use to know) that green plants require carbon dioxide to make oxygen...

    • Kirby, that was an interesting post. Thank you. Too bad the thread got polluted with all the political nonsense.

    • You need to get a little education on what the oil industry is becoming capable of. They had problems in the Gulf but who would think they could drill wells at that depth. They are coming up with technology fast that will extract oil from non rich fields that thirty years ago would not have been economically possible. Not to mention with what they are doing with the vast coal that the United States has available. Every time oil goes up a dollar a barrel the proved reserves become larger due to the fact that is now economically feasable to extract huge fields that are lean or deep. when oil is 200 dollars a barrel, watch what our proved reserves go to. Every year that an existing well goes up in production the proved reserves go up big time. All we need to increase proved reserves is drill more wells. The area to be drilled is huge. They already know that there is vast amounts of natural gas that have not even begun to be explored. Wells that should have gone down in production are still going up many years later. Read up if you want to know more, but don't listen to the environmental community. Listen to the guys running the wells. They know what is going on. I don't need to prove anything. If you want to take that tact, prove what you are saying.

    • copyrightippolicytermsofservice copyrightippolicytermsofservice Jul 19, 2011 2:08 AM Flag

      "We have more oil and natural gas than we could use in centuries. and they are finding new fields all the time."

      prove that.

      "Not to mention that the notion that oil fields begin to replentish themselves over time"

      prove that, too. how are they being replenished?

      "Drill our own oil, it's high paying jobs and keeps our dollars at home."

      and after 3 years, what does the US do? even if we're the estimate are off by 10x, what does the US do in 30 years?

      "Sarah Palin knows what she is talking about."

      that says it all.

    • "Sarah Palin knows what she is talking about."

      billy you continue to outdo yourself.

    • You have no idea what you are talking about. Those are "proved reserves" look up the definition. Those even change volume with price changes. We have more oil and natural gas than we could use in centuries. and they are finding new fields all the time. Peak oil is not even talked about much anymore. Finding and producing methods are being improved at a rapid rate. Not to mention that the notion that oil fields begin to replentish themselves over time is gaining acceptance. Not using our oil is causing us to fight foriegn wars. I say let those guys fight with themselves, they always have and always will. let'em go at it. Drill our own oil, it's high paying jobs and keeps our dollars at home.

      Sarah Palin knows what she is talking about. we have almost stopped drilling in Alaska, soon California will produce more oil than Alaska and some years ago they were way ahead of us. These environmentalist idiots are winning and the US is going broke. Oil drilling pays taxes, despite what you hear. Check out how much in tax is paid just to start a well in Pennsylvania. Check out what the Town of Whittier, CA, wants to do with a preserve they have.

    • copyrightippolicytermsofservice copyrightippolicytermsofservice Jul 19, 2011 1:31 AM Flag

      "This country is really naive if we believe we can get off oil with wind and solar. "

      The US has about 20 billion barrels in reserve (not drilled) but consumes 7 billion barrels a year. What does the US do in year four?

    • Those Chinese are using their natural resorces that's for sure, they were the first to tell the Kyoto guys to take a leap. They did the right thing and they are the only working people that are making money off of solar and wind power subsidies we are paying for.

      This country is really naive if we believe we can get off oil with wind and solar. Solar is decades from making a dent and wind will never work. There is no wind when the weather is coldest, ask the Brits if they like their winter electric rates that are skyrocketing because they are trying to heat homes with non existant wind in the winter. And you would have to cover too much of the country with windmills and solar panels if we are going to grow our economy. Meanwhile the subsidies will kill the growth anyway. But it will make the Chinese rich while they develop their oil fields, build our solar panels, and wind machines. Could we be more stupid?

    • heheheheh. Literally to load the semi's. !

    • maybe all of the bloaq longs should demand certificates as well... that might help move this illegal short business along...

      • 1 Reply to tws121971
      • I suggested that about a year ago. It would stop the shorting but not the naked shorting. The naked shorts are the ones that are causing the problems I would bet. As illegal as it is the SEC is slow to act on this. If they would, it would clean things up considerably. So much for government oversight of criminal white collar crime. When you think about it, what does the government do really well at all. Why would tax payers send their money to Washington or their state governments and expect anything but waste in the first place.

        When Tax payers will get in the streets like all the leftists that want us to send our paychecks to them we will get the attention of the media and politicians. We need to lose our pride and get in the streets like the people in the Country of Goergia some years back when the Communists stole their election. No violence, just get out there every night, light a fire in a barrel, drink wine and have a good time until the politicians get scared and start cutting spending on people and corporations that won't earn their own money like we do. We could start with GE's tax breaks and all the "green" subsidies. Get the employees of those corps. drilling for oil so we don't have to fight foriegn wars. The high wage jobs created would put our people to work, balance our payments and strengthen our dollar like South Africa has done, or Australia.

        We need to get rid of the socialists and this would be the best and most fun way to do it.

 
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