Post by soonerlew on Oct 30, 2007 19:08:32 GMT -6
www.cmkmdiamondsinc.com/faq.php
Q) OK, I know this question might have been asked and answered more than once, but I own 4 million shares of this stock. I am under the impression that lawsuits have been filed to recoup shareholder monies, and won by CMKX. I heard there will be payouts to shareholders, 3 payouts to be exact. One payout being around .37 cents per share. Is any of this fact or are the numbers skewed a bit? The question really is are the lawsuits over, did CMKX recover the shareholders money, am I going to be rich?
Lawsuits were filed against former insiders of CMKM in an attempt to recover assets that should have belonged to the Company. There is absolutely no evidence that any monies were ever set aside for some type of distribution to the shareholders. The facts set out in the exhibits to these lawsuits are based on documents the company has obtained since Urban Casavant resigned as CEO of the company. The evidence obtained by the company since March of this year show millions of dollars that have gone to family members and other insiders and were not spent on the business of the company.
Any projections about payouts from the company at this point are not based on facts. Rumors such as the payouts you are inquiring about have persisted since this company began. They are not based on any true facts. Any suggestions that there are billions or even millions of dollars awaiting distribution are simply false and unfounded. It is a crying shame that those individuals who insist on spreading such rumors cannot be held liable for the anxieties they have cause to the good shareholders of this company. The lawsuits are in their preliminary stages and there have been no recoveries of any monies at this time. Other parties will be added to our lawsuits as we develop more evidence. The Company will keep you updated as to the status of each lawsuit as events unfold.
Q) In regards to finding out who is or who is not a bona fide shareholder, any idea when the Shareholder Audit will be completed?
There are many tasks involved in completing an accurate shareholder audit. It is an ongoing project and is still moving forward. The company is not at this time prepared to speculate on the finishing date of this task.
Q) What was Urban's motivation for a cert pull? Why would Urban have funded this? It just makes no sense, if he was planning to ditch us. From the picture you give us, he never had any money set aside for us, and must have known for a while that eventually he would have to close shop. He obviously thought there was some advantage either to us or to him of a cert pull, and I cannot fathom what it would have been.
The company will not try to guess at the motives of prior management. The evidence suggests additional time was needed to convert Company funds to personal use. It appears there were plans to put the company into bankruptcy by certain legal advisers and insiders. As for Urban funding the cert pull, the Company can tell you that “out of pocket expenses only” were paid and it was a difficult task recovering those expenses from Urban.
Q) Kevin, I understand that Casavant owns 51% or more of the CMKM Diamonds. This gives the power to Casavant to hire or fire you. Why would you file a law suit against Casavant?
Your assumption that Mr. Casavant owned more than 51% or more of CMKM Diamonds, Inc. is contrary to the facts. Mr. Casavant has never owned any significant amount of shares in this Company. As the sole officer and Director of the Company, Mr. Casavant had the right to appoint any person to replace him as Chairman of the Board and to hold various officers’ positions.
When Mr. West accepted the appointment and was told by Mr. Casavant there were no more funds to operate the company, Mr. West began demanding records from attorneys that had represented the company prior to his appointment. Once documents were received by Mr. West which proved without question the conversion of corporate funds to personal use by Mr. Casavant and other former insiders of the Company, it was Mr. West’s fiduciary duty to the Company and its shareholders to file the lawsuits against Mr. Casavant and others.
Q) So far what have you accomplished in trying to get the company to start trading again? I’m not talking about the things you want to do or things you are trying to do. I’m talking about the things you have actually accomplished.
The company has avoided filing for bankruptcy. Assets belonging to the company have been identified. Lawsuits have been filed against numerous parties. We have hired legal counsel in Canada to try to defend the company and protect our claims. Demands are being made to return assets to the company. Company attorneys are preparing new lawsuits against various third parties. We have hired accountants that have assisted us in compiling the records needed to begin a book keeping system that will result in audited financials. As a result of the subpoena process, we have acquired evidence that will be crucial to bringing those individuals and companies accountable for their acts in diluting the stock and draining the company of its assets.
Q) Will Carolyn Casavant, Ron, Wesley and the other family members involved be included in the TRO / investigation.
There will be other individuals and companies named in various legal proceedings as we continue our investigation. The Company has been advised not to be specific in naming such individuals and companies as our investigation continues on many fronts.
Q) I read the posting on your FAQ page about the submitter who returned his certificates to his IRA. Do we NEED to return our certificates to the accounts we acquired them from? If we received our certificates from a place like TD Waterhouse, Ameritrade, or any other brokerage firm like these can we be fairly certain they are legitimate?
We cannot advise you on what you choose to do regarding your share certificates. The acts you take with your certificate are between you and your broker. We continue our concern for those that do not have valid certificates issued by First Global.
Q) Do you have any info on the SGGM transaction...the 10 million for 5% interest and 200 billion shares of SGGM? Can you subpoena SGGM records--find the 10 million dollar check (if it ever was issued) and track the deposit #/bank/party involved? Have you spoken to Mr. Haseltine direct regarding this issue?
We have hundreds of pages of documents concerning the Saint George Metals transaction.
We are continuing our investigation into the matter. We have identified the funds that were deposited into CMKM accounts from St. George Metals. We are tracing the diversion of those funds from corporate bank accounts. We were somewhat surprised to learn that John Edwards was signing the checks for St. George Metals.
Although we cannot comment on who we have or have not talked to while we are in the midst of litigation, we can say that we have most of the documents surrounding the proposed deal and our investigation leads to the conclusion the entire SGGM transaction was set up to be advantageous to only a few insiders and was just another pump to sell more CMKM stock that was being held by insiders, their trust accounts and other private shell companies.
Q) Can you give us a list of people/entities who have been subpoenaed to date?
Although this question was most likely asked by a well intentioned Shareholder, the Company will not be disclosing any information that might be beneficial to those that would love to see the company fail.
Q) Since the company has no assets at the current time and is currently doing a shareholder audit, would it be safe to assume that once the shareholder audit is complete the financials should be rather simple to complete and have audited? Also since the management of the past was irresponsible in keeping financial records, will the SEC work with the company in only requiring current financials?
There are many shell corporations that were set up to open trading accounts and banks accounts that were used to dump CMKM stock and funnel money from the sale of those stocks into other accounts. These accounts were then used to convert those funds to personal use by former insiders of CMKM. Because of the measures that were used to perpetuate this massive stock fraud and money laundering scheme, the rebuilding of CMKM financials is an extremely cumbersome and time consuming task. We are continuing the work that will eventually lead to an auditable set of financials. It appears there will be substantial losses which the company may be allowed to carry over. Thus we are burdened with the responsibility of documenting the transactions of the past. So, no, it will not be a simple matter to complete the audit. We will continue to work with the SEC in all phases of their investigation. The SEC will not give any special treatment to this company as far as reporting requirements go even in spite of what has happened. We are working to rebuild some credibility with the SEC as we seek to become compliant.
Q) Do we have undeniable proof that NSS has taken place and what is the count at this point in time?
The Company does have proof that there are failures to deliver in CMKM stock. Until our shareholder audit is complete, we will not have a count as to how many shares or brokerage houses are involved.
Q) There is one event of the past that still strikes me as intriguing, so forgive my ignorance in asking this question: In May of 2005, Etrade sent a representative with box(s) of CMKM stock certificates to Tyler, Texas in an effort to meet the Task Force established deadline of May 15th, 2005. This strikes me as an unprecedented act by a major brokerage firm. Why did Etrade feel compelled to fly a company representative to Texas with box(s) of CMKM stock certificates to meet this arbitrary deadline? Why was it so important?
The Company does not know why E-trade decided to handle these transactions in this manner. The Company declines to guess or give an opinion on why such acts occurred. There were other brokerage firms that sought special considerations for delivering some certificates in bulk.
Q) There has been ample time to respond to the Wells notice from the SEC. Could you post this notice and the company response?
The Company has not responded to the Wells notice from the SEC at this time. However, we are working with the SEC to give them complete copies of the product of our investigation. Our company attorney has discussed our past due response to our Wells notice with the SEC. Until the company completes its investigation, it is not able to fully and adequately respond to the Wells notice. We will post the Wells notice on the document page of the Company website with the posting of this FAQ. We will post the response at the time it is filed with the SEC if such response does not interfere with any ongoing litigation matters.
Q) There is continual talk of a return to trading status. Could you explain in detail the requirements placed upon the company for this to take place and how CMKM intends to make this happen? No revoked stock in the history of the stock market has ever returned to trading. What will CMKX do that would be significant enough for the SEC to allow it to return to trading?
The Company will not address this issue at this time in a public forum. The company is aware of certain individuals and companies that do not want this company to return to trading. To divulge company strategies or tactics would not be in the best interest of the company.
Q) Why haven't the depositions of the Task Force members been made public? It seems as if anything implicating Urban has been put out there but the task force members were all deposed and those have never been made public. Why?
The SEC does not release depositions of the parties it deposes. The company does not have copies of depositions of the task force members. Urban Casavant took the Fifth Amendment at the hearing and at his deposition by the SEC.
Q) How can I confirm that the certificate that I hold is not a fake, forgery, or otherwise not valid?
If you bought and paid for your shares through a legitimate brokerage house, and you have since ordered and received your certificate from the Company transfer agent, your certificate is most likely a valid one. Before a final shareholder list is compiled, the company will reconcile the findings of its investigation with the records of First Global Stock Transfer.
Q) OK, I know this question might have been asked and answered more than once, but I own 4 million shares of this stock. I am under the impression that lawsuits have been filed to recoup shareholder monies, and won by CMKX. I heard there will be payouts to shareholders, 3 payouts to be exact. One payout being around .37 cents per share. Is any of this fact or are the numbers skewed a bit? The question really is are the lawsuits over, did CMKX recover the shareholders money, am I going to be rich?
Lawsuits were filed against former insiders of CMKM in an attempt to recover assets that should have belonged to the Company. There is absolutely no evidence that any monies were ever set aside for some type of distribution to the shareholders. The facts set out in the exhibits to these lawsuits are based on documents the company has obtained since Urban Casavant resigned as CEO of the company. The evidence obtained by the company since March of this year show millions of dollars that have gone to family members and other insiders and were not spent on the business of the company.
Any projections about payouts from the company at this point are not based on facts. Rumors such as the payouts you are inquiring about have persisted since this company began. They are not based on any true facts. Any suggestions that there are billions or even millions of dollars awaiting distribution are simply false and unfounded. It is a crying shame that those individuals who insist on spreading such rumors cannot be held liable for the anxieties they have cause to the good shareholders of this company. The lawsuits are in their preliminary stages and there have been no recoveries of any monies at this time. Other parties will be added to our lawsuits as we develop more evidence. The Company will keep you updated as to the status of each lawsuit as events unfold.
Q) In regards to finding out who is or who is not a bona fide shareholder, any idea when the Shareholder Audit will be completed?
There are many tasks involved in completing an accurate shareholder audit. It is an ongoing project and is still moving forward. The company is not at this time prepared to speculate on the finishing date of this task.
Q) What was Urban's motivation for a cert pull? Why would Urban have funded this? It just makes no sense, if he was planning to ditch us. From the picture you give us, he never had any money set aside for us, and must have known for a while that eventually he would have to close shop. He obviously thought there was some advantage either to us or to him of a cert pull, and I cannot fathom what it would have been.
The company will not try to guess at the motives of prior management. The evidence suggests additional time was needed to convert Company funds to personal use. It appears there were plans to put the company into bankruptcy by certain legal advisers and insiders. As for Urban funding the cert pull, the Company can tell you that “out of pocket expenses only” were paid and it was a difficult task recovering those expenses from Urban.
Q) Kevin, I understand that Casavant owns 51% or more of the CMKM Diamonds. This gives the power to Casavant to hire or fire you. Why would you file a law suit against Casavant?
Your assumption that Mr. Casavant owned more than 51% or more of CMKM Diamonds, Inc. is contrary to the facts. Mr. Casavant has never owned any significant amount of shares in this Company. As the sole officer and Director of the Company, Mr. Casavant had the right to appoint any person to replace him as Chairman of the Board and to hold various officers’ positions.
When Mr. West accepted the appointment and was told by Mr. Casavant there were no more funds to operate the company, Mr. West began demanding records from attorneys that had represented the company prior to his appointment. Once documents were received by Mr. West which proved without question the conversion of corporate funds to personal use by Mr. Casavant and other former insiders of the Company, it was Mr. West’s fiduciary duty to the Company and its shareholders to file the lawsuits against Mr. Casavant and others.
Q) So far what have you accomplished in trying to get the company to start trading again? I’m not talking about the things you want to do or things you are trying to do. I’m talking about the things you have actually accomplished.
The company has avoided filing for bankruptcy. Assets belonging to the company have been identified. Lawsuits have been filed against numerous parties. We have hired legal counsel in Canada to try to defend the company and protect our claims. Demands are being made to return assets to the company. Company attorneys are preparing new lawsuits against various third parties. We have hired accountants that have assisted us in compiling the records needed to begin a book keeping system that will result in audited financials. As a result of the subpoena process, we have acquired evidence that will be crucial to bringing those individuals and companies accountable for their acts in diluting the stock and draining the company of its assets.
Q) Will Carolyn Casavant, Ron, Wesley and the other family members involved be included in the TRO / investigation.
There will be other individuals and companies named in various legal proceedings as we continue our investigation. The Company has been advised not to be specific in naming such individuals and companies as our investigation continues on many fronts.
Q) I read the posting on your FAQ page about the submitter who returned his certificates to his IRA. Do we NEED to return our certificates to the accounts we acquired them from? If we received our certificates from a place like TD Waterhouse, Ameritrade, or any other brokerage firm like these can we be fairly certain they are legitimate?
We cannot advise you on what you choose to do regarding your share certificates. The acts you take with your certificate are between you and your broker. We continue our concern for those that do not have valid certificates issued by First Global.
Q) Do you have any info on the SGGM transaction...the 10 million for 5% interest and 200 billion shares of SGGM? Can you subpoena SGGM records--find the 10 million dollar check (if it ever was issued) and track the deposit #/bank/party involved? Have you spoken to Mr. Haseltine direct regarding this issue?
We have hundreds of pages of documents concerning the Saint George Metals transaction.
We are continuing our investigation into the matter. We have identified the funds that were deposited into CMKM accounts from St. George Metals. We are tracing the diversion of those funds from corporate bank accounts. We were somewhat surprised to learn that John Edwards was signing the checks for St. George Metals.
Although we cannot comment on who we have or have not talked to while we are in the midst of litigation, we can say that we have most of the documents surrounding the proposed deal and our investigation leads to the conclusion the entire SGGM transaction was set up to be advantageous to only a few insiders and was just another pump to sell more CMKM stock that was being held by insiders, their trust accounts and other private shell companies.
Q) Can you give us a list of people/entities who have been subpoenaed to date?
Although this question was most likely asked by a well intentioned Shareholder, the Company will not be disclosing any information that might be beneficial to those that would love to see the company fail.
Q) Since the company has no assets at the current time and is currently doing a shareholder audit, would it be safe to assume that once the shareholder audit is complete the financials should be rather simple to complete and have audited? Also since the management of the past was irresponsible in keeping financial records, will the SEC work with the company in only requiring current financials?
There are many shell corporations that were set up to open trading accounts and banks accounts that were used to dump CMKM stock and funnel money from the sale of those stocks into other accounts. These accounts were then used to convert those funds to personal use by former insiders of CMKM. Because of the measures that were used to perpetuate this massive stock fraud and money laundering scheme, the rebuilding of CMKM financials is an extremely cumbersome and time consuming task. We are continuing the work that will eventually lead to an auditable set of financials. It appears there will be substantial losses which the company may be allowed to carry over. Thus we are burdened with the responsibility of documenting the transactions of the past. So, no, it will not be a simple matter to complete the audit. We will continue to work with the SEC in all phases of their investigation. The SEC will not give any special treatment to this company as far as reporting requirements go even in spite of what has happened. We are working to rebuild some credibility with the SEC as we seek to become compliant.
Q) Do we have undeniable proof that NSS has taken place and what is the count at this point in time?
The Company does have proof that there are failures to deliver in CMKM stock. Until our shareholder audit is complete, we will not have a count as to how many shares or brokerage houses are involved.
Q) There is one event of the past that still strikes me as intriguing, so forgive my ignorance in asking this question: In May of 2005, Etrade sent a representative with box(s) of CMKM stock certificates to Tyler, Texas in an effort to meet the Task Force established deadline of May 15th, 2005. This strikes me as an unprecedented act by a major brokerage firm. Why did Etrade feel compelled to fly a company representative to Texas with box(s) of CMKM stock certificates to meet this arbitrary deadline? Why was it so important?
The Company does not know why E-trade decided to handle these transactions in this manner. The Company declines to guess or give an opinion on why such acts occurred. There were other brokerage firms that sought special considerations for delivering some certificates in bulk.
Q) There has been ample time to respond to the Wells notice from the SEC. Could you post this notice and the company response?
The Company has not responded to the Wells notice from the SEC at this time. However, we are working with the SEC to give them complete copies of the product of our investigation. Our company attorney has discussed our past due response to our Wells notice with the SEC. Until the company completes its investigation, it is not able to fully and adequately respond to the Wells notice. We will post the Wells notice on the document page of the Company website with the posting of this FAQ. We will post the response at the time it is filed with the SEC if such response does not interfere with any ongoing litigation matters.
Q) There is continual talk of a return to trading status. Could you explain in detail the requirements placed upon the company for this to take place and how CMKM intends to make this happen? No revoked stock in the history of the stock market has ever returned to trading. What will CMKX do that would be significant enough for the SEC to allow it to return to trading?
The Company will not address this issue at this time in a public forum. The company is aware of certain individuals and companies that do not want this company to return to trading. To divulge company strategies or tactics would not be in the best interest of the company.
Q) Why haven't the depositions of the Task Force members been made public? It seems as if anything implicating Urban has been put out there but the task force members were all deposed and those have never been made public. Why?
The SEC does not release depositions of the parties it deposes. The company does not have copies of depositions of the task force members. Urban Casavant took the Fifth Amendment at the hearing and at his deposition by the SEC.
Q) How can I confirm that the certificate that I hold is not a fake, forgery, or otherwise not valid?
If you bought and paid for your shares through a legitimate brokerage house, and you have since ordered and received your certificate from the Company transfer agent, your certificate is most likely a valid one. Before a final shareholder list is compiled, the company will reconcile the findings of its investigation with the records of First Global Stock Transfer.
