well we know Finkel monitors this board. Morte than a few times I have posted abstracts from Pub med, and a few days later RGRX puts a PR on the same thing, I guess I beat him to it.. Yahoo removd my post, but others saw it.
Interesting that teh Korean Gov't supportd the work.which tells me that they also will help pay for a trial in TB 4 burns.
We have complained for YEARS on this board to mgmt. We know Finkel reads us. Doesn't appear he did anything. As CEO he can call nasdaq or SEC. they woudl listen to him. But for a perceived nut job retail investor playing losing penny stock biotechs.....no one at SEC or nasdaq will give you the time of day - you're just stupid.......and NITE knows that full well. NITE never reallty made a market. NITE just wanted to short RGRX....and naked short.
It will be a FINE DAY when RGRX ever get's out of OTCBB scam land. But I don't think that RGRX has the listing qualifications yet..financials and market cap?
This is the key sentence:
"......the Commission distinguished bona fide market making from “activity that is related to speculative selling strategies or investment purposes of the broker-dealer.”
NITE for the last few years never really acted as a "bona-fide" market maker....they were a "broker dealer"... who engaged in "an investment purpose".....that used 'speculative (short) selling strategies".......to all but destroy RGRX share price..enriching themselves along the way.
There are othert short market makers here.....that are shorting RGRX not as a bona fide dealer.....but rather as a speculative investment position.using the SEC granted market maker exemption to short on any downticjk they wish.....never are forced to borrow stock (which merelyu means they are NAKED SHORT! )..and they never have to report to the SEC what they are short (since they don't have to borrow).
Hopefully one day..thay all get theirs...either in that RGRX get's a trial win... and explodes higher.........or the SEC and NASDAQ do somthing and investigate and monitor thei short trades here. I think if they did, they would find a huge number of shorted shares of RGRX.....significantly higher than what the SEC reports.
more clarity from SEC rules...shows how teh market makers (largely NITE oveer the last bunch of years)...broke ruls and almost threw RGRX into a desperate bankrupt situation. read:
One important factor is a dealer’s demonstrated willingness to buy and sell on both sides of the market. For example, in one instance, the Commission discussed the exception for market makers from the so-called “locate” requirement from Regulation SHO. In that context, the Commission distinguished bona fide market making from “activity that is related to speculative selling strategies or investment purposes of the broker-dealer.” In particular, the Commission noted that where a market maker continually provides quotes at or near the best offer, but does not provide quotes at or near the best bid, the activities would not generally qualify for purposes of the market maker exemption from the “locate” requirement of Regulation SHO.
Finally.....this from SEC. It is amazing how NITE and others get away with it. Just add up teh DAILY FINRA FIGURES for teh last 90 days and see how much is REALLy shorted in RGRX, as a POSITION trade.and NOT "bona-fide" market making:
"In this regard, the SEC staff has indicated that while the determination of whether activity would qualify for the bona fide market making exception will depend on the facts and circumstances of the particular activity, there are clear examples of what types of activities would not be deemed bona fide market making activities.5 Specifically, in its Regulation SHO Adopting Release, the SEC indicated that bona fide market making does not include activity that is related to speculative selling strategies or investment purposes of the broker-dealer and is disproportionate to the usual market making patterns or practices of the broker-dealer in that security.6 Likewise, where a market maker posts continually at or near the best offer, but does not also post at or near the best bid, the market maker's activities would not generally qualify as bona fide market making for purposes of the exception.7 Moreover, a market maker that continually executes short sales away from its posted quotes would generally not be able to rely on the bona fide market making exception
More from the SEC. NITE and other MM's have scammed RGRX for years, claiming they are "boba-fide" market makers, when in fact they are just trading RGRX short as a speculative LONG term position and NOT make close and tight markets on bid/ask. Read:
"The uniform "locate" requirements in Regulation SHO provide a similar exception for short sales effected by a market maker in connection with bona fide market making activities.4 Although the Regulation SHO bona fide market making exception applies to the locate requirements, NASD believes the standards set forth are equally applicable to the bona fide market making exception to NASD Rule 5100. Accordingly, NASD applies and interprets the bona fide market making exception to Rule 5100 consistent with the SEC's application and interpretation of the exception to the Regulation SHO locate requirements."
So people know I post correct. teh short interst in RGRX is FAR higher than teh SEC reports, because we add up the FINRA daily short figures, and teh MM's are short a lot but never have to REPORT to the SEC! read facts:
"Rule 203(b)(2)(iii) provides an exception from the locate requirement for short sales effected by market makers, but only in connection with bona-fide market making activities. Rule 203(c)(1) provides that the term “market maker” has the same meaning as in Section 3(a)(38) of the Exchange Act, which defines “market maker” as “any specialist permitted to act as a dealer, any dealer acting in the capacity of a block positioner, and any dealer that, with respect to a security, holds itself out (by entering quotations in an inter-dealer communications system or otherwise) as being willing to buy and sell such security for its own account on a regular or continuous basis.”
The term “bona-fide market making” refers to bona-fide activities described in Section 3(a)(38) of the Exchange Act. Whether activity is “bona-fide” will depend on the facts and circumstances of the particular activity. However, the Adopting Release sets forth examples of activities that would not be considered to be “bona-fide market making activities.”
Buyout? It makes zero sense right now. If RGRX is cheap based on possiilities, why would you wish RGRX to sell out now? RGRX has nothing to sell... but a "wish and a dream". RGRX needs a clinical trial WIN to show that they are correct that RGRX has healing properties. Conversely, why woudl any pharma buyout RGRX and TB 4 UNTIL they see a clinical trial win? Illogical. If RGRX does get a trial "win"...then Pharma can consider other things. A buyout is unlikely because mgmt, G Tree and Sigma Tau control about 58% of RGRX stock. if they say "no" to any made offer..., RGRX cannot be bought out. Nothing can or will happen until we see a clincal trial win that proves TB 4 works. The first trial coming to report results, hopefully by end of year..is the China dry eye trial being done by Lee's Pharma of Hong Kong. A trial win there will force all those that have been resolutely skeptical and negative... of TB 4 efficacy,, and then the real fireworks begin..because twoi USA trials will be starting around same time as Lee's reports. Key is, we need a trial win in China first. I don't know what will happen if China trial isn't good. That's why RGRX is at 50 cents. But Lee's has an edge because they can dsign teh trial around teh previous Ora Inc phase 2..and design trial in China where significant statistical efficay was seen in Ora's.
What you say is not the case: "There are only 19,00- shares officially short, so I don't think "short" is the correct term here for the MM's.". the "reported" short interest the SEC puts out is only a figure based on those that have to report it and duly borrow shares to thus short. Like hedge funds, institions and other investors. But the fact is that a registered Market Maker is EXEMPT from all SEC rulse of needing to borrow shares they short and the MM's also do NOt have to report to the SEC the amount of shorted shares they have....as long as it is in the "supposed" daily course of "making a market". The fraud is that the MM's do this as a longer term POSITION short trade, and not as a daily buy/sell/buy/sell....which is what the SEC intended... by exempting MM's from reporting short positions. That is a LOOPHOLE. It is why many us us here follow the daily short tally on FINRA so closely. It gives us a read on what the MM's are actually doing. The REAL short interest in RGRX is far, far larger than what you just look at with the SEC. Go and google the "market maker short exemption" and see for yourself.
Yeah, I posted it already.I know some read it. But why did Y a h o o erase it? there were two posts om it. You can also search PubMed. The best way to get all abstracts is not search for TB 4 or thymosin beta 4 or thymosin beta4. Do it just as 'thymosin'...that way you get all. They were looking at method of action (MOA). Regulators like to know what the MOA is of a drug, when you apply to do a trial. It might make sense that G tee do a burn trial, and not try to re-do the pressure, venous or EB. (yet)......a burn trial may get some leeway on overly strict statistical calculations...since there really isn't much to do to heal a bad burn (kind of like Orphan status). Pretty much now they keep it clean, dressings, moist and antibiotics. But if TB 4 actually sped the skin healing.it woudl be pretty big. might make sense for G Tree to do a small trial in Korea first.cheaper and quicker..to get the lay of teh land in burns.....see what happens.before a US $$$ trial push. You might even try for a "compassionate use" IND in Korea for just s dozen of so burn victims. RGRX did that in eyes....with a handful of pts...I'm sure a handful of big hospitals in Korea....there are burn victims in pain who woudl be anxious to try it...a small trial coudl be failrly quickly done. and TB 4 is safe and side effect free.
I like these stats. 94,00 trade.....32,000 shorted "by the umpires (MM's) betting on the game"..and RGRX wa still up 7 cents on the day! what we have to watch for is MAY 15....10 trading days from now. RGRX has traded almost 10 million shares since JAn 1.....if someone is going to "show their hand they are betting on RGRX"...it will come May 15. And it would behoove them to take as much as they can till May 15..especially if they are someone who has a following. Lord, I hope that Finkel has been in touch with Kirk. he knows Thymosins.....he had a big stake in SCLM TA-1. Bo thinks Kirk is "too busy"......But what the hell is a couple million bucks to Kirk to buy several million RGRX? On a gamble. Nothing. RGRX woudl zoom anyways on any stock he buys into. Automatic profit.
Was it drplano who poated this phrase....comparing a market maker to:
'"An umpire - who is betting on the game".
I like that comparison, because it is right. As you saw today...RGRX rises quite nicely if the market maker umpire) isn't betting on the game (naked MM exempt shorting RGRX all the time).
Yahoo removed TWo posts I had about an hour ago...on the TB 4 abstract from Korean researchers on the MOA of TB 4 to target burns and healing burns.. I thought it interesting for a few reasons.........G Gtree is probably tied to the researchers and plans a burn trial.possibly. G Tree owns skin TB 4 rights now. Why did Yahoo remove it? I think someone read it because a reco.
SEb also has a hidden asset. SEB owns 50% of Butterball Turkey. But when SEB did the $100 million loan to them in 2010.....SEB was also given 10 year warrants to buy ANOTHER 5% stake in Butterball for a nominal cost.. Butterball has re-jiggered itself and now profitable. I figure it coudl be worth $1 to $1.25 billion....largest Turkey company in USA.....an iconic brand.i..t woudl be easy to sell to someone... like JBS or Pligrims Pride.
So SEB carries the warrants to buy 5% of Butterball on their books at $10 million. But if Butterball has a value of $1 billion, those warrants are worth $50 million, not the $10 million SEB holds them at. If Burtterball is worth $1.25 billion....the warrants are worth $62.5 million.
These sleeper assets that SEB hides so well will come due and mature. But if SEB is smart, they should buy back stock now, before these hidden Butterball asets mature in 2017.. In 2017, when it matures, it is $170,000,000.00 of found money....CASH! or? SEB coldl swap the loan for a 25% aditional equity stake in Butterball..add in their 50% now...the 5% warrants...SEB could own 80% of Butterball......and maybe in a few years or so Butterball is worth $1.5 billion..so an 80% SEB stake would be worth $1,200,000,000.00.........BUT!!!...no one gives SEB anything for it's Butterball stake now in share price. All shorts do is focus on "Pork". but Butterball could be a $1 billion asset to SEB if the loan ever converts into 80% total equity in 2017 and SEB exercise the warrants for another 5% stake.
SEB is way undervalued. Bresky is crazy not to buy back back big, before all this stuff comes in 2017.DO IT while it's CHEAP! And do it when the shorts have decimated share price down $500 playing the usually weak Q1 pork numbers. And mark my words, CUBA will be totally opened up for trade..sooner than later. Then Seaboard Marine becomes a cash cow hidden asset. SEB has poured tens of millions into Marine last few years, and still does. That will pay off spades.
While SEB sits on $525 million cash and no LT debt....there are othet significant assets no one cares to recognize. Sleeper stuff. SEB is taking delivery of 4 dry bulk ships...probably a few by now. I think they were ordered in mid 2012. SEB had to put down payments on the ships. but when the ships are delivered, SEB will pay for them, and then immediately sell & lease them back. This money was included in CAPEX but is all coming back when sold & leased back. I think the down payment was at least $10 million.spent in 2012, and that coms back to cash.maybe more.
SEB also loaned $100 million to Butterball in 2010.....at a very high interest rate. SEB is not collecting the interest, but it is set up like a PIK where the interest compounds and is paid when the loan matures.which is mid 2017. Right now that loan is about $145 million, and it grows about $11 million per year, but not recognized as income. In about 2 years when the loan is paid, it will come to about $170 million. Since such a short note, if you add that $170 million to current cash $525 million...it's closer to $700 million SEB has access to (if monitise the B Ball).and more if you add the 4 ship sownpayments that come back to SEB, but wa spent in 2012. SEB could also trade the $170 mill loan into a greater stake in SEB, maybe another 25% to 30%.
The ONE share tick & scare down shorts were active today. I said I figured they would trade SEB down to $3500.....they ticked ONE share at $3550. I don't know why Bresky shoudl not buy back stock now. if you take the cash on hand and value of the B-Ball soon due loan...he's close to $700 million CASH. At $3,600...he coudl buy back 194,000 shares. there are ONLY 260,000 shares that exist of SEB, that he does not already own. for all intents, take it private slowly. incur NO LONG TERM DEBT....just use cash on hand and monitize the Butterball hidden asset loan if need. SEB is cheap here. Shorts may regret not covering. But still I expect a weak Q1 report in pork.
Q1 is over..but not until the seller pukes and the shorts do what they can to take SEB down. I just checked June hog futures....trading 81.25 cents.. In the first Q, hogs were trading in the low 60 cent range. So in a few months hogs are up about 20 cents...seasonal...and corn is down becauae of poultry flu. Ideal mix for SEB..........hogs up, feed down. So Q2 will get back to normal numbers. But question is, who will care. Right now it is just scared Q1... "get me out" selling.....and shorts pressing SEB down and down. Bresky knows that hogs are up very nicely so far Q2..he knows corn is also down. He knows Seaboard Marine will show a good (possibly big) profit this year..unlike the LAST TWO years where is was sucking SEB dry...with net losses of $25 million each year.
If shorty does what I think after the Q1 numbers......I'm a buyer.and my exposure is already too much..but SEB is priced too reasonably.
when I say BRESKY, I alwys refer to that Bresky CONTROLS 910,000 shares. I never said he OWNED 910,000. we all know teh setup.
Down $82 after yesterdays also big drop. I can see it coming. Watch for the 1 share sell prints down another $50 to #$%$ sellers...create a cascade downwards. My daily marks hurt.....but I see $3,500 prints soon. It is all a game set up fior what all know is a not so good quarter in pork. Same exact thing happened in MAY 2014. Shorts are all over this. What other stock ANYWHERE can you get a $50 move YOUR WAY on simply selling ONE SINGLE SHARE! Until someone has guts to put large bids in..shorts and seller contol.... and they play for PR release early next week. Seller wants out before it and the short wants it down as far as he can - into those surely very soft pork numbers..then he whacks it for the final screw down..and starts buying. Just exactly like last May Q1 release.....At least he hopes he can buy. Perfect time to have SEB annouince a $100 million buyback
Oh I think there is concern on these $135 million daly swings. If it was just Steven Bresky who owned the 910,000 shares, that woiudl be different. but it is not. Bresky himslef owns a few thousand shares only. the rest of the 907,000 is held in FAmily TRUSTS. And Bresky is the 3rd generation.....with all kinds on trickle down kids and relatives... beneficiaries over three generations. So you have to consider the WHOLE FAMILY that sees these swings. It is their money, but they cannot touch or access a single share, and there are no dividends now. I'm sure there is a charitable thing as well..but since all is in stock, they can;'t do much. There has to be pressure by extended family who have a % of the trust tha is UNTOUCHABLE. Life is expensive. And Life is short. Bresky';'s own father died relatively young. I think the only thing that makes long term sense ifs for Bresky family to slowly take SEB private. Once private all kinds of money and dividends can flow to Trust members. OR? Bresky can sell out to someone like Buffet. Buffet could do some cash and some BRK.B stock. So tax efficient to Bresky. Buffet woudl want Bresky to run SEB.. as he always has.. A win win. Bresky keep sunning SEB as long as he wishes. The whole extended family get;s access to funds. And Buffet get's a unique company, with a good manager. Most of SEB's assets and businesses cannot be replicated easily. Buffet likes that.
Going to be a low number for Pork EBIDTA Q1. Q 1 2014 it was about $60 million. But Pork was around 80 cents. Q1 2015 pork was in low 60 cents. But also to help in Q1 2014 Corn was about $4.50 bushel. Corn Q1 2015 was around $3.75 or so....so they saved on feed stock. So it could possible be Pork EBIDTA is down a good bit from $60 million...maybe down to $40 million Q1. we'll see. but the shorts and sellers are playing hardball on the bad Q1 coming. But now pork is up to mid 70's cents and seasonal rebound for Spring, summer and fall. And corn is dropping even further now.
perrfect time for a big buyback is now on the smackdown that will be next handful of days into report early next week. I expect bad daily marks. but I hope for the best that maybe a buyer sees better numbers going forward. And oil collapse aids overall numbers.
Yiou have to be dumb not to see the set up play coming down. Everyone knows that pork was down in Q1. But Q1 is usually the softest Q for SEB pork anyways. Corn is still down and going lower lately. I wionder if Bresky isn't thinking to do what he did LAST year on the as always soft Q1. usual suspects trashed SEB down immediatley after release,,, only to have a handful of days after their trash down, that Bresky did a tender offer (stock was 2400) at up to $2900 a share.....up $500 from where they "usuals" trashed SEB. If there is any time to buy back, it is on Q1 numbers. Which should be better than expected because Marine will do much, much better than Q1 2014. Oil collpase is huge to Marine. SEB sits on $525 million cash and no long term debt. Marine is turning around and pork prices up from Q1 lows, and corn is down further. And Cuba may open up soon, which will be a huge boon to SEB Marine. And oil isn't going back to $100 anytime soon, which is why for twe years previous SEB Marine LOST $25 million net a year. I expect SEB Marine to do about $50 million (or more) POSITIVE in EBIDTA for 2015, a $70 million swing POSITIBVE. Shorts don't care. Bresky sits on $525 million (as of Dec 31, probably more now). It erans almost nothing. CAPEX is lower in 2015 too.The shorts and sellers are going to SMACK down SEB coming into earnings next few days, and smack it after, no matter what MArine does. Bresky shoudl call their bluff and do a $150 million buyback. It will NOT surprise me to see a trade down to $3,500 level in next few days. Shorts and sellers are making their stand that SEB will have a POS quarter on pork. but SEB is a whole lot more than pork and Bresky knows it. I keep powder dry for the smack down. the daily marks will hurt... Let's see what Bresky doess.