So much Evidence.....

...And so little action.

Monday February 27, 2:15 PM EST

By Karey Wutkowski

WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission said on Monday that top agency officials were not informed before a regional office took the "highly unusual" step of issuing subpoenas to two journalists in a stock manipulation investigation.

In a rebuke to SEC staff in the San Francisco office, SEC Chairman Christopher Cox said "sensitive issues" raised by the subpoenas "should, and will be, considered and decided by the commission before this matter proceeds further."

Former SEC officials said Cox's statement was a rare public scolding to staff for departing from the general agency practice of avoiding media subpoenas and for failing to check in with superiors in Washington on a sensitive press matter.

The SEC regional office issued subpoenas earlier this month to columnists from two Dow Jones & Co. (DJ) publications, asking for telephone records, e-mails and other documents related to online retailer Overstock.com Inc. (OSTK), according to sources familiar with the matter.

"Until the appearance of media reports this weekend, neither the chairman of the SEC, the general counsel, the Office of Public Affairs, nor any commissioner was apprised of or consulted in connection with a decision to take such an extraordinary step," Cox said in a statement.

The SEC is investigating accusations by Salt Lake City, Utah-based Overstock.com that stock-research firm Gradient Analytics Inc., of Scottsdale, Arizona, negatively adjusted research on Overstock after a hedge fund betting against the company's stock requested a change.

Overstock filed a lawsuit in August claiming Gradient and Rocker Partners, a hedge fund run by well-known short-seller David Rocker, were scheming to drive down its stock price.

The dispute marks the latest flashpoint in a long-running war between short-sellers -- who try to profit from a declining share price by selling borrowed shares and then buying them back more cheaply -- and the companies targeted by shorts.

Overstock's Web site refers to CEO Patrick Byrne being in the news "because of a fight he is waging with Wall Street."

Byrne "believes that Wall Street is cheating Main Street by destroying small companies for a profit, that the SEC is failing to protect small investors and small companies because they have gotten too close to Wall Street and that the New York financial press is similarly co-opted," the Web site says.

Shares of Overstock fell 43 cents, or 1.82 percent, to $22.97 on Nasdaq at mid-afternoon.

PROPER CHANNELS

The SEC subpoenas were issued by the investor protection agency's San Francisco office, and were an attempt to figure out any role the journalists might have had in disseminating any manipulative information regarding Overstock.

But former SEC officials say subpoenas to journalists are usually not a productive means of furthering an investigation.

"It would be a rare circumstance in which it would be critical to get information from reporters on their sources," said Greg Bruch, a former SEC official and now a partner at the law firm of Foley & Lardner.

Bruch said Cox's statement is a clear rebuke to SEC staff.

Donald Langevoort, a professor at Georgetown University Law Center, said a sensitive issue such as journalist subpoenas should be run by top agency officials.

"Certainly anything of public controversy which gets into the press ought to be discussed with the commissioners," Langevoort said.

Bruch said the SEC was unlikely to seek more information through the subpoenas after the attention they got.

There were already indications the SEC is backing off.

News of the issue broke after one of the subpoenaed journalists, Herb Greenberg of online publication Marketwatch, posted a column on Friday, saying the SEC sought unpublished communications between him and people he has quoted.

Greenberg and Carol Remond of Dow Jones Newswires, who was also subpoenaed, have written articles critical of Overstock.

After Greenberg's column came out on Friday afternoon, he updated it that evening, writing, "I'm no longer being asked to provide the SEC all of my 'unpublished' communications."

Jonathan Johnson, senior vice president of legal for Overstock, said he's glad the SEC's investigation buttresses the company's own lawsuit and hopes the agency doesn't back down.

"I hope the commission does the right thing and continues to pursue the subpoenas," he said.

(Additional reporting by John Poirier and Kevin Drawbaugh)

©2005 Reuters Limited.

It Sucks to be a Basher

A day in the life.......

http://i24.photobucket.com/albums/c40/seshi_luver12/animations/lollol.gif

Recent Link

FWIW:

http://lists.suse.com/archive/suse-announce-usa/2005-Dec/0016.html

More on Scumbags....

By: pennytalk (RB JPHC Board)
25 Feb 2006, 11:49 PM EST
Msg. 32753 of 32753
Jump to msg. #
Feb 24, 2006 (The Oregonian - Knight Ridder/Tribune Business News via COMTEX) -- For long-suffering investors in Metro One Telecommunications Inc., the past several days must have seemed too good to be true.

As it turns out, they probably were.

The Beaverton company's tiny stock value tripled in just two trading days, beginning last Friday. Overnight, trading volume in Metro One shares increased twentyfold.

On Thursday, though, the company's share price fell by 25 percent as investor interest waned.

It appears now that the sudden rise and fall in Metro One shares was triggered by a shadowy Web site that abruptly began touting the company's stock, then just as quickly stopped.

On Thursday, stock market experts, while not commenting on the specifics of Metro One's stock movement, said the Internet is home to Web sites that exploit day traders to make a quick profit. Such sites use the Web as a vehicle to put a new twist on an old-fashioned scam.

Those sites are on shaky legal ground, according to those experts, but investors may have little recourse if they lose money on a bad stock pick.

"At some point, it's buyer beware here," said John Bizjak, a finance professor at Portland State University. "You should be careful when you buy and sell securities, and you should be careful about who's providing information."

Metro One's share price has been in decline for years, as the 4-1-1 directory-assistance contractor started losing its major clients. At its peak in 2001, the stock traded at more than $40 a share. It fell below $1 last May and continued to decline as the company ran low on cash.

A week ago today, though, Metro One's share price leapt from 33 cents to 72 cents. It jumped again in the two days after the Presidents Day holiday, closing Wednesday at 94 cents.

The flurry of interest in Metro One's stock mystified even the company, which said it had no explanation for the surge.

Metro One's roller coaster ride seems to be the result of Internet hype. Last week, a site called The Stockster began touting Metro One, proclaiming, "We found the Motherload!" , and forecasting that investments in the company could yield "Potential Short-Term Profits of 1000 percent+."

The Stockster gave scant rationale for its claims, citing financial data that is nearly 4 months old. Stock message boards on the Internet talked up the tip, though, and Metro One shares shot up.

On Thursday, the site's advice switched, and it began promoting two other low-priced stocks, each of which jumped. Metro One, meanwhile, immediately slid.

Paid ads promoting The Stockster have appeared on several popular financial news sites, such as Yahoo Finance, MarketWatch and BusinessWeek.com. It's not clear who runs The Stockster, however, or what its goals are, but the site claimed its administrators owned Metro One shares.

Operators of the site could not be reached for comment. The site's Web domain is registered to a company that, as a service, shields site owners' identities.

The SEC warns investors to beware of "pump and dump" schemes, in which unscrupulous people seek to manipulate stock prices for their own enrichment.

Such schemes are designed to create a "buying frenzy," according to a Web site of the U.S. Securities and Exchange Commission. Site operators seek to profit by selling shares after pumping up the stock price.

So-called penny stocks, which trade under $1, are especially vulnerable to manipulation because they're less closely monitored and because even a small dollars-and-cents increase in their share price can translate into large percentage gains for stockholders.

"Once these fraudsters sell their shares and stop hyping the stock, the price typically falls, and investors lose their money," the SEC warns on its Web site.

The SEC declined Thursday to discuss The Stockster and Metro One or to say whether the commission is investigating The Stockster's activities.

SEC investigators have taken action against roughly two dozen Internet-based stock sites recently, according to Don Langevoort, professor at the Georgetown University Law Center, but prosecutions can be difficult. The line between free speech and fraud, he said, is hard to draw when a Web site is talking up a stock.

It's plainly illegal for paid investment advisers to try to profit at their clients' expense, said Langevoort. But with free advice on the Internet, he said, it can be difficult to prove that a Web site's owners are trying to defraud people rather than simply express an opinion.

"What the SEC or investors would have to show to take action gets much more difficult," Langevoort said.

Over and Out- For now

Busy week.

Rumors of a large lawsuit.

New pumpers climbing out of the woodwork.

News from old friends.

All-in-all an interesting week. I need to take a break from this for a few days. There are other matters to take care of and everything going on seems to be little more than background noise at the moment. Besides this is the last week of rabbit season in Ohio. My bunny killin’ beagle (the BIG sweetie) and I have a date.

Tip of the week- accumulate JPHC and sell the upcoming news.

Long pick = Still = QRVI

Long shot = PRRM

And PMHJ remains the hopeless dream………….

>> May your glass always be full <<

Seems Appropriate

She said "It's just a woman thing" and pulled out of the drive
I said not to worry I'm an understanding guy.
I've heard that when you love someone, you gotta let em go.
She hollered "When I find myself you'll be the first to know."
Ooh No news

I learned to do the laundry, feed the cat, and clean the house.
I promised to be patient while she worked her problems out.
When she packed her bags, her destination wasn't clear;
But I sensed that her intentions were honest and sincere.
Ooh No news

She could telephone, tell a friend, tell a lie about where she's been.
Send a pigeon, send a fax; Write it on a post-it pad.
Send a signal up in smoke, tap it out in Morse Code.
I'd prefer a bad excuse to no news

Her mama's been a little vague as to her whereabouts.
Her sister says "I'm certain your romance is headed south."
I don't have a single doubt that she's still in love;
My level of anxiety is just a product of
Ooh No news

She could telephone, tell a friend, tell a lie about where she's been.
Send a pigeon, send a fax; Write it on a post-it pad.
Send a signal up in smoke, tap it out in Morse Code.
I'd prefer a bad excuse

She missed her bus, missed her plane; surely this can be explained.
Lost her car at the mall; got locked in a bathroom stall.
Playing guitar with The Band; on the road with Pearl Jam.
Buried with The Grateful Dead; came back as a Parrot Head.
Got derailed, got de-iced; offered as a sacrifice.
FBI, CIA; if they've seen her they ain't saying.
No news
Still no news!

PMHJ's Longs are the Best

By: dafugeguy (from RB)
23 Feb 2006, 04:40 PM EST
Msg. 34253 of 34264
Jump to msg. #

Tremendous support today.

It never ceases to amaze me.

And yes virginia it was real, in fact, I suspect the activity was much higher today than shown. It seems someone sold a boatload at .0002 and they may not be able to deliver. So they will need to cover soon. Expect more new faces.

>> In Hoc Signo Vinces <<

(Voluntary Disclosure: Position- Long)

....SOS....SOS....SOS...sos...sos...________

We are getting slaughtered today.

I guess the "rally" is over.

We really need some progress. The longs have done all we can. It is amazing to me this stock is not a no bid stock at this point. Without some help soon we will be.

No bashing just the reality of no progress and no news sinking in. No bid in two weeks without some help.

-- Good Luck to All --

A Short Update From SIS:

PrimeHoldings.com, Inc (PMHJ)

CEO Announcements

02/06/2006

Dear Thomas Aliprandi:

A user at Stock Information Systems has the following question:

Mr. Aliprandi, It has been over 6 months since the annoucement of the Target reorganization. Do you have a timeframe for completing this transaction. Thank you, Fuge

Sincerely,

Dear Fuge,

The main focus is to “spin out” Target and not reorganize. This will allow us to get on a different trading platform and provide existing PMHJ shareholders with a dividend and equity. There is no way to properly fund a growing company on the “Pinksheets.” The Pinksheets represent less than 1% of the market. Just for giggles, check out the OTC website and look and the top 10 trading volumes or the entire markets daily trading volume for that matter. Look at the dollar amount minus the ADR’s since they are really not “penny stocks”. Google alone trades close to 10 to 20X what the entire OTC/Pinks market does in dollar amounts daily. That is the difference between Institutional and our minute subset of retail. The issue has always been, “how can we fund and execute the Target Business Plan?” Revenues were never the issue. While we haven’t raised enough capital in the last year to purchase a public vehicle it has become apparent that we could employ another strategy after the first of the year. Please note that we cannot raise capital through the sale of 504 exempt shares.

Kindest regard,

Tom

From the Stinky Bull

By: dafugeguy
03 Feb 2006, 11:16 AM EST
Msg. 33838 of 33845
Jump to msg. #

I hate to interrupt the lovefest but a few comments:

There does seem to be a tremendous amount of support to keep this stock above .0001. It is not me or anyone I know, as most of us, have way more stock than is prudent already.

The reason that this is amazing is that we are approaching seven months in limbo. Most stocks would have handily plunged to .0001 by now. Consider our friend Jupiter who has orders or magnitude more of a following and actual business model (albeit an imperfect one). They traded at .0002 today. Based on that we really should a no bid stock. And as I've stated before fifth decimal place land is an ugly and lonely place to be.

Has anyone done any trading lately? What is the actual cost to buy shares? What can they be sold for- if at all? My experience in pinkyland is that once a stock gets to where we are now, the MM's can post anything they want in terms of volume and price. The only way to know what is really going on is to physically trade some stock.

-- Just my random musings for the day since, as always, we have no news --

(Voluntary Disclosure: Position- Long)