DragonBear
11 years ago
after the obligatory "relisting effort"
Change that to the obligatory:
Far Vista's corporate/securities attorney is preparing a Form 15c2-11, which we expect will be completed shortly.
What I've never figured out is why these non-reporting greys bother to make such statements? Do they feel the need to stroke their egos pretending to be busy at work trying to get off the grey sheet? So that their stockholders will remember them with fondness for having "tried"? They always try to make out as simple as filling out a simple form, and presto it will happen.
Meanwhile their attorney would be telling them: You need to obtain audited financials. And then file a 10-12G, and S1. Also need a Termination Notice from the SEC closing the investigation, else no MM is going to sponsor a 211. Of course they have never filed anything. Typical of non-reporting greys. An audit, and disclosing the stock structure around an illegal dump is the equivalent of a CEO performing a self hanging in front of the SEC. Very few of these microcaps bravely volunteer for it.
So they go dark. Maybe in a couple of years the SEC will file litigation against the Russians. Attempt to force disgorgement of any profits from their stock dump, along with fines. Meanwhile the Russians have gone back to Russia, and might be protected from the SEC. Dunno, how close the International cooperation is on civil proceedings.
DragonBear
11 years ago
There is another grey market stock that trades frequently.
There are many out there.
There are the cult stocks where the posters worship the CEO. I've followed one suspended Sep 2012 which went from 014 to 002, and back up to 016. Currently stuck at 009. A wide trading range for a crud stock. Another non-cult stock suspended in Jul 2013 went 010 <--> 015 twice in the past month.
FVSTA still isn't that far away from its suspension. Still the potential for management to keep filing with the OTC, or issue a nonsense fluffy PR, before they give up, and go dark. Fluffy totally meaningless PRs will keep a grey stock trading, as in "sumpthin is gonna happen". Yeah, more trading. IMO, very high risk, but it happens.
DragonBear
11 years ago
knowing they are about to do something, way else buy this gray?
Why not traders?
Date Open High Low Close Volume
01/14/2014 0.019 0.019 0.019 0.019 13,700
01/13/2014 0.015 0.02 0.015 0.02 430,500
01/10/2014 0.015 0.015 0.01 0.01 42,949
Someone buys at 01, and sells at 015 - +50%. Another trader buys at 015, and sells at 02 - +25%. Yet another buys at 019, and has to wait to see if it hits 025. It happens all the time in the greys. You have traders playing chicken with each other in the middle of the road. Who will flinch first at what price.
In theory insiders are free to buy or sell, until SEC litigation appears. However, any profits from selling, the SEC will force disgorgement of as part of the Administrative settlement. It doesn't pay for insiders to even try to sell.
IMO, you're seeing speculative trading of a few traders.
DragonBear
11 years ago
The stance of most of the post suspension posters
is that there is virtually no chance of ever recovering for a company suspended
Where the company was a non-SEC filer when suspended.
by the all powerful and protectors of the investor SEC.
Well...no. The SEC isn't all powerful, and IMO needs Congress to give it a lot more additional enforcement power. For example, a stock suspended shouldn't be allowed to trade until the company registers the stock, and has the SEC close the investigation. Although it hasn't been a problem for FVSTA, too many of these stocks have pump games played with them post suspension.
Upon the suspension I spoke with TWO SEC people at phone numbers provided, and neither went to the extent of certain doom that the post suspension posters did.
Yes, they are very generic in what they say over the telephone. They can only cite the procedures the stock must follow to return, without passing any judgement on it. By law, they can not comment on a specific stock still under investigation.
but neither the SEC nor the company, and most certainly not the post suspension posters, are concerned with FVSTA shareholder well being
The SEC mandate is to prevent financial fraud in the market. They have no mandate where they are obligated to take responsibility for retail "investors" investing in fraud. Neither do they have the enforcement powers to prevent fraud from happening. Only to react to it.
The "post suspension posters" had nothing to do with the SEC suspension. Neither are they preventing the company from filing to register the stock.
With FVSTA based in Russia ( and apparently non responsive ) the communications and distance gap are huge.
Last I heard Russia had Internet. Submitting a filing to EDGAR isn't that difficult from Russia. Not to mention, it's not too difficult for someone in Moscow to call their company attorney in NYC or Washington DC. This all occurring after they closed their NYC office.
I will hold.
This "post suspension poster" won't tell you to hold, sell, or buy.
pgleba
11 years ago
Blah, blah from the SEC. Money gone. Scammers get off scot free.
For information about how trading suspensions work and what you may expect regarding the trading of your securities going forward, please read our investor bulletin at: http://investor.gov/news-alerts/investor-bulletins/trading-suspensions.
As is explained in the investor bulletin, the way a stock resumes trading depends on where the stock originally traded. Different rules apply in different markets. For stocks that are quoted in the OTC market (which includes stocks quoted on the Bulletin Board and OTC Link (f/k/a Pink Sheets)), the resumption of quoting does not automatically occur when a ten-day suspension ends. Before OTC stock quoting can begin after the suspension period, SEC regulations require a broker-dealer to review specific information about the company in accordance with Exchange Act Rule 15c2-11 and FINRA Rule 6432. If a broker-dealer does not have confidence that a company’s financial statements are reasonably current and accurate in all material respects, especially in light of the questions that may have been raised by the SEC suspension action, then a broker-dealer may not publish a quote for the company’s stock. The OTC markets function through dealer systems where only broker-dealers may quote and facilitate trading in OTC stocks.
Al4343
11 years ago
The stance of most of the post suspension posters is that there is virtually no chance of ever recovering for a company suspended by the all powerful and protectors of the investor SEC.
Upon the suspension I spoke with TWO SEC people at phone numbers provided, and neither went to the extent of certain doom that the post suspension posters did.
With FVSTA based in Russia ( and apparently non responsive ) the communications and distance gap are huge.
At 75-90% lower than pre suspension prices plus the fact that very few shares have been sold at these prices, leads me to believe that the Chedty field, and Usink refinery alone are likely worth more than what we are being advised to sell at.
The company indicated they are pursuing a relisting, which is apparently not a quick process according to our new resident experts. Since I am not in need of a 90% loss for a tax write off, I opt to hold. I am certainly not happy with the current state, but neither the SEC nor the company, and most certainly not the post suspension posters, are concerned with FVSTA shareholder well being....I will hold.
Al
Al
DragonBear
11 years ago
have anybody heard anything about the resubmission
and how long does it take.
You need a 211 by a sponsoring MM submitted to FINRA. That process in itself only takes 1-2 months. However, the problem is finding a MM willing to sponsor the 211.
No MM will sponsor a 211 for a previously suspended grey unless two conditions are met:
1. The company must register its stock with the SEC via a 10-12G, and/or S1 filing. The SEC may take 6-8 months to approve.
2. The company must show the MM they have received a Termination Notice from the SEC closing the investigation. The SEC is forbidden by law to comment on the status of any investigation whether it's still open or not. Neither can a MM ask them, and receive an answer. The only place the MM can go is to request a copy of the Termination Notice from the company.
No MM is going to sponsor a stock still under SEC investigation. Doing so, means they are assuming risk for any undisclosed information yet to be discovered by a SEC investigation. Sponsoring such a stock means the MM is telling the market the stock is clean. That is why they will not sponsor a 211, until they are shown proof from the company the SEC investigation has been closed, and there is a stock registration to review.
How does the retail investor "hear anything"? Answer: Go to the SEC site. Watch for a 10-12G filing. Thus far there is nothing for FVSTA. The process for "resubmission" of a 211 hasn't even started yet. Note also the company can freely issue a PR it has received a Termination Notice from the SEC, and state the investigation has been closed. None of these previously suspended non-reporting greys ever seem to issue such PRs. Very few ever get around to registering the stock. What they would have to reveal would be analogous to a self-hanging.
ArtieB
11 years ago
If it's a Pink, though, there's no registration to revoke. So even if the company goes bankrupt and disappears completely, its ticker will trade on. If the stock eventually stops trading entirely, after a few years FINRA will declare it an "inactive issue" and delete the ticker.
I think this is the case with UWBKQ, yes? The FDIC is trustee in this case and I'm told (not confirmed) that the SEC is trustee as well, which seems very strange.
What seems odd is that the SEC comes in to "protect future investors" here, but not with a company's stock in Chpt. 7.
VC
janice shell
11 years ago
Because there isn't any reason for them to stop trading, or even any mechanism by which that would, under normal circumstances, occur. Though this may seem odd to you, a public company can't just call the SEC or FINRA and say "We don't want to trade anymore". Unless the whole company is bought out--unlikely in the case of bankruptcy--there will be no tender offer, and no stock will be cancelled.
If the company was once exchange listed, it'll be delisted to the Pinks. If it's an SEC filer, it may after a few years of not filing have its registration revoked, In that case, it will stop trading and the ticker will disappear.
If it's a Pink, though, there's no registration to revoke. So even if the company goes bankrupt and disappears completely, its ticker will trade on. If the stock eventually stops trading entirely, after a few years FINRA will declare it an "inactive issue" and delete the ticker.
witte
11 years ago
Far Vista Oil Corp.
Blumberg Industries Ltd, Ditter Limited and Fertagrowservice Investments Ltd, as former shareholders of Chedty Neft CJSC, shall receive a total of 46,000,000 shares of Far Vista Oil Inc in compensation for transferring their shares of Chedty Neft CJSC to Far Vista Oil Production Inc. The transaction was completed with the accord of all shareholders involved in the merger.
News
Market Data
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
SKIPPERANDGILLIGAN
10 years ago
24K
10 years ago
Dspetry
11 years ago
reddog1111
11 years ago
tdbowieknife
11 years ago
Obi-Wan Kenobi
11 years ago
