Post by portrush on Jul 30, 2014 9:09:37 GMT -6
Tuesday July 29, 2014
CMKX Webinar
Opened in prayer.
22 people online at open, 30 people at peak, for a couple minutes...settled in at about 25, 17 at the end.
Relatively quiet for the past few months. Not a lot going on…in a holding pattern as stated for the last 2-3 meetings. Not much to do other than throw in the towel or stay the course. Waiting on WF and criminal trials, as well as judgment collection activities. Looking to raise money to start O&G business.
Lawyers have filed 4th amended complaint against WF Bank, after a 9-month delay. We are waiting now on a new scheduling order from the Judge to let us know when discovery will commence again. There are several items from WF that our company would like to see that they have yet to see. We previously requested a few terabytes of info and it never got to the point where the court forced them to provide the info…so we’re essentially starting over and 18-24 months away from any kind of resolution. SK thinks that the WF attorneys were able to mesmerize the Judge and get her to give them the dismissal they got initially…and hopes she will listen fairly when this gets back to court.
When he took the position 33 months ago, he was told that settlement with WF looked to be only about 6-months away. Now it looks to be 2-3 years more before a case could actually end up in court. WF has had both stall tactics and legitimate reasons for delay. (Attorneys that have died or become very ill)
Our local counsel in Vegas, Chris Reed, had some legal complications and lost his ability to practice law in Nevada. He will head to jail…and a younger new lawyer has taken on the task of our case.
John Edwards extradition still in process, SK’s been told, however it is said that Edwards was able to delay it even further. Speculation about when he might arrive is probably futile. The criminal trial was moved from August this year until January 6, 2015. There is a good chance that there will be 2 trials if Edwards isn’t sent in time for the trial as scheduled.
Another reason for delay is the DOJ attorney, Timothy Vasquez has been reassigned and now there are two new attorneys starting to work on our case. SK believes them to be younger and less experienced. Thinks the first, Vasquez was probably promoted…which is good for him, but unknown if it is good for us. So they’ve moved the A-team off our case and now some newcomers are handling it. He understands its easy to get discouraged. Hoped to see some justice by now…but we might only see a mass of plea bargains and some restitution that may never be collectable. He mentioned Turino complaining because he was arrested, but hasn’t had a speedy trial. Edwards remains incarcerated in the UK (since 2009).
The other matter is the charges against Urban were dismissed due to his death. You can’t try a dead man. SK does believe they really will hold the trial next January…doesn’t think it will be delayed again, but doesn’t think Edwards will be included, only those who are lesser-involved players. It’s a shame how this has come down, we have no control over it.
Beyond litigation, there’s not a lot to talk about.
He has been talking with someone (a CMKX shareholder) who is part of a pretty good-sized Amway distributorship and is being encouraged to make the company an Amway distributorship. We need to raise some cash and SK doesn’t see any guarantee from cash coming anywhere else…so he’s considering the Amway option. He has not actually done this yet—has had some computer/internet problems that are not completely resolved. It costs $175 to set up the web portal through Amway, which will allow shareholders that want to, to buy Amway products as well as affiliate retailers and provide some revenue for the company itself. This company needs some cash to keep some things alive.
He recognizes some people don’t like Paltalk but it is a necessary deal because the WebEx format was $500-600 a month. The incentive for him to continue to put his own money into the company expenses is very, very low. Paltalk provides a low overhead option. The company does have a proprietary website that they pay per-report for the company’s researchers to use to find info/assets that are due the company, there are costs for tax returns and keeping the company’s records in storage. These are things he wants to cover.
So the sales that could be generated on an Amway connected site would bring in some money to help offset the costs. He would have to sign up in his own name, because Amway won’t allow sign-ups in corporate names. He mentioned he didn’t want to use his name because he doesn’t want to be accused of profiteering on the company at this time. But he will because there is no other way. He will sign up as an Amway distributor, but doesn’t feel anyone needs to feel compelled to buy through it if it bothers them in anyway. He plans to buy only those things he would buy anyway at other retail outlets.
We’re close to having no cash flow anymore. As long as there is some kind of cash flow he will keep the website up. If he can’t, he’ll shut it down and only have a Paltalk session once a month.
Additionally, there is a significant judgment overseas, but the company needs the foreign court to rule in favor of the company. If so, that would provide the company with about $500K in revenue. They firmed up the judgment and domesticated it overseas about a year ago. But the court overseas isn’t in session very often. Because it is assets in a foreign country that SK is going after, their court makes certain the case is rightly charged.
There is also a communication gap because of language difference—including the law firm fighting for CMKM’s cause. SK asked Frizzell to get a translator to find out what’s going on, but Frizzell has not yet done that. The last communication they had was that the high court judges required those representing CMKM to jump through a few more hoops, and hire a former judge to lobby the court on our behalf.
If the company had the $500K they are going after, then they could do multiple functions to raise additional funding to buy some oil wells. The concept of getting the company into the O&G business is alive and well. SK is networking with people in that business and he is more and more comfortable in his knowledge base. He says he is well versed in the Reg-D 506C process, in order to raise potential investors—in lieu of an expensive IPO—or trying to JV with others. Crowdsourcing isn’t an option at this point. The company needs some seed money to fund the development of a 506C and then additional funds to promote the opportunity to would-be investors.
“That’s where we’re headed, assuming we get some seed money.”
Questions from those in attendance:
Q: Can you start a new Class A stock for people that want to help support the company...Max $1000 for 1000 shares of Class A stock with rights attached?
A: Good question, but here’s the thing: CMKM is delisted. Could we sell class-A stock—possibly, but he is reluctant and needs to check legality. Everyone owns Class C shares and SK would be reluctant to do anything more that would further dilute the shares folks already have. This would not be much different than rolling out a Reg-D 506C, where the investors would want preferred returns over regular shareholders. (which he intends to do)
SK says folks already call/email him offering to give more money—but he doesn’t want to see them put more money in to THIS company because he has NO idea that we will get anything in return. His confidence in the legal system at the moment isn’t strong.
However, he invited the questioner to invest in the RegD506C plan once the company rolls that out.
Q: If Urban Casavant's death caused the dismissal of his charges: Did Helen Bagley's death cause her charges to also be dropped?
A: He’s not seen anything about Bagley’s charges being dropped. He will check into it, but her charges will be, if not already, because she has passed away.
Q: Hello, do you have any contact with Keith Houser over at BMCS? Are we still using their counsel that got them their settlement?
A: No. SK says he’s never spoken to him, doesn’t have any reason to that he knows of. A shareholder told him that Houser said he would be involved in a conglomerate with CMKM, but it is something that SK finds preposterous. Yes/No, CMKM has used Bill Shepherd (the BMCS counsel) up to now with the WF case…he was able to negotiate a sealed settlement for Houser, but no one knows what that real number was. The indications are the settlement was peanuts.
Q: Can't our legal judgments be directed against the estate of Casavant etc.?
A: Yes, they could be…there is only one judgment that could be prosecuted against the estate and that’s the largest portion in the judgment of the group ($60million). If we had the cash to hire a Canadian firm to see if there is anything there, then yes we could. After UC passed away SK found a firm in Saskatchewan that would be willing to go see what they can find. CMKM’s research team has found almost nothing in the way of assets for Casavant. He knows of not one single asset in Casavant’s name.
For the other insiders, they have found assets (mostly overseas)—but anything UC had was sold off years ago…if he had anything after his massive gambling at the Venetian. There was never any evidence that he was living high on the hog or having any assets in his name. He didn’t live a highly visible life of grandeur. The law firm in Canada wanted a significant retainer and the company can’t do anything because it is broke. Steve offered contingency basis and the partners would not agree to work on those terms. They wanted $5000 up front and a hefty hourly rate. Nothing was found in his name, except two motorhomes bought with CMKX money, and those were sold long ago.
We need money to go after anything other than what our contingency firm can do. We haven’t had a well-capitalized law firm representing the company on these collection efforts. So we don’t have the horsepower to get anything. There were more recoveries before SK’s appointment than after he came on board. The company has no money to chase recoveries.
We are going nowhere until we get some money. He intends to stay the course rather than abandon the company dead in the water. But there is no way to raise money without some money to work with. SK says he approached lending institutions; there aren’t any that will touch us. The only way is to get money to do a RegD506C, and he knows where the oil is and we will make money from that oil field.
Q: Is there any way we can get the White House involved in this mess to put pressure on SEC, judges etc. Could pressure be put on the SEC for naked shorting?
A: That’s a good question, but frankly without waxing political, SK says, he has major concerns with what’s happening in the WH and with the executive branch as well as the DOJ. Our country according to SK is falling into the pits. He is not an Obama supporter and he “wouldn’t vote for him if he were on fire.” He is extremely concerned about the lack of leadership from our executive branch, Obama in particular. Getting Obama to do anything…he would be “the last person in the world” SK would call.
The SEC has never conceded that naked shorting exists in this case. But if we get to trade again, then SK will try his best to get them to enforce the rules and see the shares covered. He will go see them in person. But that’s a stretch, he says. The SEC and their enforcement division, Leslie Hakala specifically, has never conceded that naked shorting exists. If we can get back to trading maybe we can find out.
Q:Is Marco Gleason (Deli) currently imprisoned? If so, where at and for how long? Also do you think any of his associates will be tried for aiding him in selling shares?
A: Good question. SK has so much info come across everyday, but he thinks he was convicted criminally of tax evasion and is already in jail for 4 years. If someone has better knowledge than SK, let him know. He thinks he’s in Florida. As far as others being sought or tried, his case was a tax evasion case—not criminally for selling shares—rather for not paying taxes.
Q:Steve according to Google earth it looks like the Carolyn Pipe is being mined.
A: “I have no clue”, SK said. “Frankly, at this stage of the game mining in Saskatchewan is as far form my mind as anything I can think of. I haven’t paid any attention to it lately other than Shore Gold is in the tank and they were the big player.” SK then went on to say, if I were you, I would not rely on Google earth. We have nothing to work with up there. We have no claims and no money. “Diamond mining is as ludicrous an idea for this company as anything I know,” SK said. When you say it’s sad “they” couldn’t let the shareholders buy the claims…SK doesn’t know who “they” really are. The insiders, he guesses.
SK just got an email from a shareholder (during the mtg.) who keeps him informed…this is the Las Vegas Review article…says a FL man convicted of evading taxes for selling stock in a much scrutinized mining company was ordered into federal custody to begin his prison term. (SK reads article)
So they had him on tax evasion AND on one count for the sale of shares. Location and whereabouts are unknown…there’s no mention in the article. That’s all SK knows.
Q:I do not have the exact quote and data but I have read over and over that fake numbers were presented on court regarding evidence on naked short selling at a hearing and our attorneys did not refute such made up numbers? Do you know anything about this situation?
A: “Yes, I’ve heard the same thing you have but I don’t really know the facts”—whether the data was accurate or inaccurate. SK has not dug any further into it because at this point there’s “not a darn thing I can do about it.”
He will post the PowerPoint from this webinar in the next few days once he gets his email working. There is no real good news, he says, but there is some hope there might be some cash from the work overseas. If not, we will hold it together until the criminal trial with WF.
CMKX Webinar
Opened in prayer.
22 people online at open, 30 people at peak, for a couple minutes...settled in at about 25, 17 at the end.
Relatively quiet for the past few months. Not a lot going on…in a holding pattern as stated for the last 2-3 meetings. Not much to do other than throw in the towel or stay the course. Waiting on WF and criminal trials, as well as judgment collection activities. Looking to raise money to start O&G business.
Lawyers have filed 4th amended complaint against WF Bank, after a 9-month delay. We are waiting now on a new scheduling order from the Judge to let us know when discovery will commence again. There are several items from WF that our company would like to see that they have yet to see. We previously requested a few terabytes of info and it never got to the point where the court forced them to provide the info…so we’re essentially starting over and 18-24 months away from any kind of resolution. SK thinks that the WF attorneys were able to mesmerize the Judge and get her to give them the dismissal they got initially…and hopes she will listen fairly when this gets back to court.
When he took the position 33 months ago, he was told that settlement with WF looked to be only about 6-months away. Now it looks to be 2-3 years more before a case could actually end up in court. WF has had both stall tactics and legitimate reasons for delay. (Attorneys that have died or become very ill)
Our local counsel in Vegas, Chris Reed, had some legal complications and lost his ability to practice law in Nevada. He will head to jail…and a younger new lawyer has taken on the task of our case.
John Edwards extradition still in process, SK’s been told, however it is said that Edwards was able to delay it even further. Speculation about when he might arrive is probably futile. The criminal trial was moved from August this year until January 6, 2015. There is a good chance that there will be 2 trials if Edwards isn’t sent in time for the trial as scheduled.
Another reason for delay is the DOJ attorney, Timothy Vasquez has been reassigned and now there are two new attorneys starting to work on our case. SK believes them to be younger and less experienced. Thinks the first, Vasquez was probably promoted…which is good for him, but unknown if it is good for us. So they’ve moved the A-team off our case and now some newcomers are handling it. He understands its easy to get discouraged. Hoped to see some justice by now…but we might only see a mass of plea bargains and some restitution that may never be collectable. He mentioned Turino complaining because he was arrested, but hasn’t had a speedy trial. Edwards remains incarcerated in the UK (since 2009).
The other matter is the charges against Urban were dismissed due to his death. You can’t try a dead man. SK does believe they really will hold the trial next January…doesn’t think it will be delayed again, but doesn’t think Edwards will be included, only those who are lesser-involved players. It’s a shame how this has come down, we have no control over it.
Beyond litigation, there’s not a lot to talk about.
He has been talking with someone (a CMKX shareholder) who is part of a pretty good-sized Amway distributorship and is being encouraged to make the company an Amway distributorship. We need to raise some cash and SK doesn’t see any guarantee from cash coming anywhere else…so he’s considering the Amway option. He has not actually done this yet—has had some computer/internet problems that are not completely resolved. It costs $175 to set up the web portal through Amway, which will allow shareholders that want to, to buy Amway products as well as affiliate retailers and provide some revenue for the company itself. This company needs some cash to keep some things alive.
He recognizes some people don’t like Paltalk but it is a necessary deal because the WebEx format was $500-600 a month. The incentive for him to continue to put his own money into the company expenses is very, very low. Paltalk provides a low overhead option. The company does have a proprietary website that they pay per-report for the company’s researchers to use to find info/assets that are due the company, there are costs for tax returns and keeping the company’s records in storage. These are things he wants to cover.
So the sales that could be generated on an Amway connected site would bring in some money to help offset the costs. He would have to sign up in his own name, because Amway won’t allow sign-ups in corporate names. He mentioned he didn’t want to use his name because he doesn’t want to be accused of profiteering on the company at this time. But he will because there is no other way. He will sign up as an Amway distributor, but doesn’t feel anyone needs to feel compelled to buy through it if it bothers them in anyway. He plans to buy only those things he would buy anyway at other retail outlets.
We’re close to having no cash flow anymore. As long as there is some kind of cash flow he will keep the website up. If he can’t, he’ll shut it down and only have a Paltalk session once a month.
Additionally, there is a significant judgment overseas, but the company needs the foreign court to rule in favor of the company. If so, that would provide the company with about $500K in revenue. They firmed up the judgment and domesticated it overseas about a year ago. But the court overseas isn’t in session very often. Because it is assets in a foreign country that SK is going after, their court makes certain the case is rightly charged.
There is also a communication gap because of language difference—including the law firm fighting for CMKM’s cause. SK asked Frizzell to get a translator to find out what’s going on, but Frizzell has not yet done that. The last communication they had was that the high court judges required those representing CMKM to jump through a few more hoops, and hire a former judge to lobby the court on our behalf.
If the company had the $500K they are going after, then they could do multiple functions to raise additional funding to buy some oil wells. The concept of getting the company into the O&G business is alive and well. SK is networking with people in that business and he is more and more comfortable in his knowledge base. He says he is well versed in the Reg-D 506C process, in order to raise potential investors—in lieu of an expensive IPO—or trying to JV with others. Crowdsourcing isn’t an option at this point. The company needs some seed money to fund the development of a 506C and then additional funds to promote the opportunity to would-be investors.
“That’s where we’re headed, assuming we get some seed money.”
Questions from those in attendance:
Q: Can you start a new Class A stock for people that want to help support the company...Max $1000 for 1000 shares of Class A stock with rights attached?
A: Good question, but here’s the thing: CMKM is delisted. Could we sell class-A stock—possibly, but he is reluctant and needs to check legality. Everyone owns Class C shares and SK would be reluctant to do anything more that would further dilute the shares folks already have. This would not be much different than rolling out a Reg-D 506C, where the investors would want preferred returns over regular shareholders. (which he intends to do)
SK says folks already call/email him offering to give more money—but he doesn’t want to see them put more money in to THIS company because he has NO idea that we will get anything in return. His confidence in the legal system at the moment isn’t strong.
However, he invited the questioner to invest in the RegD506C plan once the company rolls that out.
Q: If Urban Casavant's death caused the dismissal of his charges: Did Helen Bagley's death cause her charges to also be dropped?
A: He’s not seen anything about Bagley’s charges being dropped. He will check into it, but her charges will be, if not already, because she has passed away.
Q: Hello, do you have any contact with Keith Houser over at BMCS? Are we still using their counsel that got them their settlement?
A: No. SK says he’s never spoken to him, doesn’t have any reason to that he knows of. A shareholder told him that Houser said he would be involved in a conglomerate with CMKM, but it is something that SK finds preposterous. Yes/No, CMKM has used Bill Shepherd (the BMCS counsel) up to now with the WF case…he was able to negotiate a sealed settlement for Houser, but no one knows what that real number was. The indications are the settlement was peanuts.
Q: Can't our legal judgments be directed against the estate of Casavant etc.?
A: Yes, they could be…there is only one judgment that could be prosecuted against the estate and that’s the largest portion in the judgment of the group ($60million). If we had the cash to hire a Canadian firm to see if there is anything there, then yes we could. After UC passed away SK found a firm in Saskatchewan that would be willing to go see what they can find. CMKM’s research team has found almost nothing in the way of assets for Casavant. He knows of not one single asset in Casavant’s name.
For the other insiders, they have found assets (mostly overseas)—but anything UC had was sold off years ago…if he had anything after his massive gambling at the Venetian. There was never any evidence that he was living high on the hog or having any assets in his name. He didn’t live a highly visible life of grandeur. The law firm in Canada wanted a significant retainer and the company can’t do anything because it is broke. Steve offered contingency basis and the partners would not agree to work on those terms. They wanted $5000 up front and a hefty hourly rate. Nothing was found in his name, except two motorhomes bought with CMKX money, and those were sold long ago.
We need money to go after anything other than what our contingency firm can do. We haven’t had a well-capitalized law firm representing the company on these collection efforts. So we don’t have the horsepower to get anything. There were more recoveries before SK’s appointment than after he came on board. The company has no money to chase recoveries.
We are going nowhere until we get some money. He intends to stay the course rather than abandon the company dead in the water. But there is no way to raise money without some money to work with. SK says he approached lending institutions; there aren’t any that will touch us. The only way is to get money to do a RegD506C, and he knows where the oil is and we will make money from that oil field.
Q: Is there any way we can get the White House involved in this mess to put pressure on SEC, judges etc. Could pressure be put on the SEC for naked shorting?
A: That’s a good question, but frankly without waxing political, SK says, he has major concerns with what’s happening in the WH and with the executive branch as well as the DOJ. Our country according to SK is falling into the pits. He is not an Obama supporter and he “wouldn’t vote for him if he were on fire.” He is extremely concerned about the lack of leadership from our executive branch, Obama in particular. Getting Obama to do anything…he would be “the last person in the world” SK would call.
The SEC has never conceded that naked shorting exists in this case. But if we get to trade again, then SK will try his best to get them to enforce the rules and see the shares covered. He will go see them in person. But that’s a stretch, he says. The SEC and their enforcement division, Leslie Hakala specifically, has never conceded that naked shorting exists. If we can get back to trading maybe we can find out.
Q:Is Marco Gleason (Deli) currently imprisoned? If so, where at and for how long? Also do you think any of his associates will be tried for aiding him in selling shares?
A: Good question. SK has so much info come across everyday, but he thinks he was convicted criminally of tax evasion and is already in jail for 4 years. If someone has better knowledge than SK, let him know. He thinks he’s in Florida. As far as others being sought or tried, his case was a tax evasion case—not criminally for selling shares—rather for not paying taxes.
Q:Steve according to Google earth it looks like the Carolyn Pipe is being mined.
A: “I have no clue”, SK said. “Frankly, at this stage of the game mining in Saskatchewan is as far form my mind as anything I can think of. I haven’t paid any attention to it lately other than Shore Gold is in the tank and they were the big player.” SK then went on to say, if I were you, I would not rely on Google earth. We have nothing to work with up there. We have no claims and no money. “Diamond mining is as ludicrous an idea for this company as anything I know,” SK said. When you say it’s sad “they” couldn’t let the shareholders buy the claims…SK doesn’t know who “they” really are. The insiders, he guesses.
SK just got an email from a shareholder (during the mtg.) who keeps him informed…this is the Las Vegas Review article…says a FL man convicted of evading taxes for selling stock in a much scrutinized mining company was ordered into federal custody to begin his prison term. (SK reads article)
So they had him on tax evasion AND on one count for the sale of shares. Location and whereabouts are unknown…there’s no mention in the article. That’s all SK knows.
Q:I do not have the exact quote and data but I have read over and over that fake numbers were presented on court regarding evidence on naked short selling at a hearing and our attorneys did not refute such made up numbers? Do you know anything about this situation?
A: “Yes, I’ve heard the same thing you have but I don’t really know the facts”—whether the data was accurate or inaccurate. SK has not dug any further into it because at this point there’s “not a darn thing I can do about it.”
He will post the PowerPoint from this webinar in the next few days once he gets his email working. There is no real good news, he says, but there is some hope there might be some cash from the work overseas. If not, we will hold it together until the criminal trial with WF.
