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Posted On: 07/01/2018 10:04:40 AM
Post# of 11035
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CRGP Interesting post...
https://investorshub.advfn.com/boards/read_ms...=141913663
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allezlOM Saturday, 06/30/18 12:21:27 PM
Re: None 0
Post # of 46636
About COR : Turns out that Friday the 13th is also unlucky for toxic convertible note-holders! I have been warning the toxic convertible note industry that there was going to be a reckoning with regard to how they lend money to microcap OTC Markets companies, and now, it seems that the chickens are coming home to roost.
Several months ago COR Clearing decided to make it near impossible to clear any stock derived through convertible notes coming from OTC Market issuers. That decision was based largely on several issues, they key being that a convertible note is not a security that would allow an opinion to clear stock under a Rule 144 exemption. I won’t get into the legalities of this here other than to say to look up both the New Earthshell v. Jakoobit case in the US District Court for the Southern District of New York, as well as the Reves v Ernst & Young US Supreme Court case. In the end, COR Clearing made a good decision – but not good for toxic convertible note holders. In fact, I had a well-known lenders counsel from Florida send me an article he wrote that tried to counter the courts decisions – that was a massive FAIL!
https://investorshub.advfn.com/boards/read_ms...=141913663
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