(Total Views: 418)
Posted On: 07/28/2021 1:53:11 AM
Post# of 11038
I know who you are and I read all the litigation. And I posted all the litigation on my dime and time here for all to see and learn about the bullshit tactics done by wrongful market participants who wanted to destroy shareholder property and continue to steal from us!
I expect all brokers to fall in line and restrict buying CRGP stock and around such time, CRGP's attorney will activate its instructions to pull all stock certificates from broker vaults and send them to the Transfer Agent to be returned to the company's treasury. All stock must come off the market and match the TA log. Any excess of inventory will have to be bought back from the brokers. If they don't buy all the stock back they leave themselves liable for commiting fraud. Brokers can not hide behind federal statue that use to provide them protection from the State. The Supreme Court was clear on that with Merrill Lynch v Manning.
"Arnold & Porter
May 18, 2016
SCOTUS Rules That Lawsuit Alleging Naked Short Selling Can Proceed in State Court
In a unanimous decision that may lead to an increase in the trend of state court suits involving securities litigation, the US Supreme Court ruled this week that an action related to the short sale of securities could proceed in state court. In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, the Court held that the exclusive jurisdiction of securities claims in federal court provided by the Securities Exchange Act is limited to claims “arising under” the Exchange Act.
Despite Congress’s consistent attempts to direct securities cases to federal court, plaintiffs have been seeking to devise ways to assert securities-related claims in state court alleging state law causes of action in an attempt to find more plaintiff friendly fora or to avoid automatic discovery stays imposed by federal law. The Court’s Manning decision provides plaintiffs a tool to continue to do so.
In Manning, the plaintiff filed suit in New Jersey state court alleging that several financial institutions facilitated and engaged in naked short sales of stock (i.e., a short sale where the seller never delivers the stock to the buyer), resulting in a devaluing of that stock. Naked short sales are regulated at the federal level by Securities and Exchange Commission Regulation SHO, which prohibits short sellers from intentionally failing to deliver securities. While the plaintiff’s complaint suggested that the short sales violated Regulation SHO, plaintiff only asserted New Jersey statutory and common law claims and did not bring any claims under the federal securities laws.
Defendants removed to federal court on two grounds. First they invoked the general federal question jurisdiction statute, 18 U.S.C. § 1331, which grants the federal court jurisdiction of “all civil actions arising under” federal law. Second, they argued that the case belonged in federal court under Section 27 of the Securities Exchange Act, which grants the federal courts exclusive jurisdiction of “all suits in equity and actions at law brought to enforce any liability or duty created by” the Securities Exchange Act. The district court denied plaintiff’s motion to remand but the Third Circuit reversed, finding that all of the claims were brought under state law and none necessarily raised a federal issue. The Supreme Court granted certiorari to determine the scope of exclusive jurisdiction granted under Section 27 of the Exchange Act, which had been the subject of a circuit split.
The Supreme Court held that despite the wording differences between that statutory provision and 18 U.S.C. § 1331, the scope of lawsuits covered by each provision is the same and therefore the same jurisdictional test applies to both. In reaching its decision, the Supreme Court rejected defendants’ more expansive reading of Section 27 to include any action which either explicitly or implicitly asserts a violation of the Exchange Act as well as plaintiff’s more restrictive reading of Section 27 to preclude only suits brought directly under the Exchange Act.
Under the middle ground test adopted by the Supreme Court, a lawsuit “arises under” the Exchange Act and therefore satisfies Section 27 in two circumstances. First, Section 27 is satisfied when a plaintiff directly asserts causes of action created by the Exchange Act. Second, in more limited circumstances, Section 27 is satisfied when a state law cause of action is brought to enforce a duty created by the Exchange Act and the claim’s success depends on giving effect to the federal requirement—i.e., if New Jersey law specifically prohibited violations of the Exchange Act involving short selling. Because none of plaintiff’s claims were dependent on proving a violation of the Exchange Act, the jurisdictional test was not met and the case was remanded to state court.
https://www.arnoldporter.com/en/perspectives/..._all_12968
Respondent Greg Manning held over two million shares of stock in Escala Group, Inc. He claims that he lost most of his investment when the share price plummeted after petitioners, Merrill Lynch and other financial institutions (collectively, Merrill Lynch), devalued Escala through "naked short sales" of its stock. Unlike a typical short sale, where a person borrows stock from a broker, sells it to a buyer on the open market, and later purchases the same number of shares to return to the broker, the seller in a "naked" short sale does not borrow the stock he puts on the market, and so never delivers the promised shares to the buyer. This practice, which can injure shareholders by driving down a stock's price, is regulated by the Securities and Exchange Commission's Regulation SHO, which prohibits shortsellers from intentionally failing to deliver securities, thereby curbing market manipulation.
Manning and other former Escala shareholders (collectively, Manning) filed suit in New Jersey state court, alleging that Merrill Lynch's actions violated New Jersey law. Though Manning chose not to bring any claims under federal securities laws or rules, his complaint referred explicitly to Regulation SHO, cataloguing past accusations against Merrill Lynch for flouting its requirements and suggesting that the transactions at issue had again violated the regulation. Merrill Lynch removed the case to Federal District Court, asserting federal jurisdiction on two grounds. First, it invoked the general federal question statute, 28 U. S. C. §1331, which grants district courts jurisdiction of "all civil actions arising under" federal law. It also invoked §27 the Securities Exchange Act of 1934 (Exchange Act), which grants federal district courts exclusive jurisdiction "of all suits in eq-uity and actions at law brought to enforce any liability or duty created by [the Exchange Act] or the rules or regulations thereunder." 15 U. S. C. §78aa(a). Manning moved to remand the case to state court, arguing that neither statute gave the federal court authority to adjudicate his state-law claims. The District Court denied his motion, but the Third Circuit reversed. The court first decided that §1331 did not confer jurisdiction, because Manning's claims all arose under state law and did not necessarily raise any federal issues. Nor was the District Court the appropriate forum under §27 of the Exchange Act, which, the court held, covers only those cases that would satisfy §1331's "arising under" test for general federal jurisdiction.
http://www.brokeandbroker.com/3128/supreme-co...-merrill-/
And something a little more recent to connect the dots while new DTCC settlement rules are in effect.
https://www.bloombergquint.com/onweb/sec-data...to-deliver
All IOU's will be very valuable to shareholders especially if they sell above the Ask when a cover becomes mandatory to resolve as quickly as possible. What is unknown is the time in which this happens....but what is known is the process for a corporate actions via going private does force to identify CRGP inventory from all market participants!
The story does not matter.
The process always matters!!!
FUCK THE NOISE!!!
Long and Strong! WITH A MASSIVE AMOUNT OF COURAGE TO HOLD THAT DAMN LINE FOR DOLLARS AND NOTHING LESS!
$13
$CRGP
I expect all brokers to fall in line and restrict buying CRGP stock and around such time, CRGP's attorney will activate its instructions to pull all stock certificates from broker vaults and send them to the Transfer Agent to be returned to the company's treasury. All stock must come off the market and match the TA log. Any excess of inventory will have to be bought back from the brokers. If they don't buy all the stock back they leave themselves liable for commiting fraud. Brokers can not hide behind federal statue that use to provide them protection from the State. The Supreme Court was clear on that with Merrill Lynch v Manning.
"Arnold & Porter
May 18, 2016
SCOTUS Rules That Lawsuit Alleging Naked Short Selling Can Proceed in State Court
In a unanimous decision that may lead to an increase in the trend of state court suits involving securities litigation, the US Supreme Court ruled this week that an action related to the short sale of securities could proceed in state court. In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, the Court held that the exclusive jurisdiction of securities claims in federal court provided by the Securities Exchange Act is limited to claims “arising under” the Exchange Act.
Despite Congress’s consistent attempts to direct securities cases to federal court, plaintiffs have been seeking to devise ways to assert securities-related claims in state court alleging state law causes of action in an attempt to find more plaintiff friendly fora or to avoid automatic discovery stays imposed by federal law. The Court’s Manning decision provides plaintiffs a tool to continue to do so.
In Manning, the plaintiff filed suit in New Jersey state court alleging that several financial institutions facilitated and engaged in naked short sales of stock (i.e., a short sale where the seller never delivers the stock to the buyer), resulting in a devaluing of that stock. Naked short sales are regulated at the federal level by Securities and Exchange Commission Regulation SHO, which prohibits short sellers from intentionally failing to deliver securities. While the plaintiff’s complaint suggested that the short sales violated Regulation SHO, plaintiff only asserted New Jersey statutory and common law claims and did not bring any claims under the federal securities laws.
Defendants removed to federal court on two grounds. First they invoked the general federal question jurisdiction statute, 18 U.S.C. § 1331, which grants the federal court jurisdiction of “all civil actions arising under” federal law. Second, they argued that the case belonged in federal court under Section 27 of the Securities Exchange Act, which grants the federal courts exclusive jurisdiction of “all suits in equity and actions at law brought to enforce any liability or duty created by” the Securities Exchange Act. The district court denied plaintiff’s motion to remand but the Third Circuit reversed, finding that all of the claims were brought under state law and none necessarily raised a federal issue. The Supreme Court granted certiorari to determine the scope of exclusive jurisdiction granted under Section 27 of the Exchange Act, which had been the subject of a circuit split.
The Supreme Court held that despite the wording differences between that statutory provision and 18 U.S.C. § 1331, the scope of lawsuits covered by each provision is the same and therefore the same jurisdictional test applies to both. In reaching its decision, the Supreme Court rejected defendants’ more expansive reading of Section 27 to include any action which either explicitly or implicitly asserts a violation of the Exchange Act as well as plaintiff’s more restrictive reading of Section 27 to preclude only suits brought directly under the Exchange Act.
Under the middle ground test adopted by the Supreme Court, a lawsuit “arises under” the Exchange Act and therefore satisfies Section 27 in two circumstances. First, Section 27 is satisfied when a plaintiff directly asserts causes of action created by the Exchange Act. Second, in more limited circumstances, Section 27 is satisfied when a state law cause of action is brought to enforce a duty created by the Exchange Act and the claim’s success depends on giving effect to the federal requirement—i.e., if New Jersey law specifically prohibited violations of the Exchange Act involving short selling. Because none of plaintiff’s claims were dependent on proving a violation of the Exchange Act, the jurisdictional test was not met and the case was remanded to state court.
Quote:
"In Manning, the Supreme Court made clear that a plaintiff’s allegation that the conduct underlying their state law claims also violated the federal securities laws will be insufficient for exclusive federal court jurisdiction under Section 27. As a result, plaintiffs bringing suit for state law claims in state court may start to reference violations of the federal securities laws more forcefully without expressing that the state law claims are premised on the violation of federal law. As the Supreme Court noted, it would be “hardly surprising” that a plaintiff alleging violation of state securities laws “might say the defendant previously breached a federal prohibition of similar conduct.”
In light of the Supreme Court’s emphasis on the important role of state courts in determining controversies, including those involving securities, we may begin to see a rise in state court litigation related to the securities industry."
https://www.arnoldporter.com/en/perspectives/..._all_12968
Respondent Greg Manning held over two million shares of stock in Escala Group, Inc. He claims that he lost most of his investment when the share price plummeted after petitioners, Merrill Lynch and other financial institutions (collectively, Merrill Lynch), devalued Escala through "naked short sales" of its stock. Unlike a typical short sale, where a person borrows stock from a broker, sells it to a buyer on the open market, and later purchases the same number of shares to return to the broker, the seller in a "naked" short sale does not borrow the stock he puts on the market, and so never delivers the promised shares to the buyer. This practice, which can injure shareholders by driving down a stock's price, is regulated by the Securities and Exchange Commission's Regulation SHO, which prohibits shortsellers from intentionally failing to deliver securities, thereby curbing market manipulation.
Manning and other former Escala shareholders (collectively, Manning) filed suit in New Jersey state court, alleging that Merrill Lynch's actions violated New Jersey law. Though Manning chose not to bring any claims under federal securities laws or rules, his complaint referred explicitly to Regulation SHO, cataloguing past accusations against Merrill Lynch for flouting its requirements and suggesting that the transactions at issue had again violated the regulation. Merrill Lynch removed the case to Federal District Court, asserting federal jurisdiction on two grounds. First, it invoked the general federal question statute, 28 U. S. C. §1331, which grants district courts jurisdiction of "all civil actions arising under" federal law. It also invoked §27 the Securities Exchange Act of 1934 (Exchange Act), which grants federal district courts exclusive jurisdiction "of all suits in eq-uity and actions at law brought to enforce any liability or duty created by [the Exchange Act] or the rules or regulations thereunder." 15 U. S. C. §78aa(a). Manning moved to remand the case to state court, arguing that neither statute gave the federal court authority to adjudicate his state-law claims. The District Court denied his motion, but the Third Circuit reversed. The court first decided that §1331 did not confer jurisdiction, because Manning's claims all arose under state law and did not necessarily raise any federal issues. Nor was the District Court the appropriate forum under §27 of the Exchange Act, which, the court held, covers only those cases that would satisfy §1331's "arising under" test for general federal jurisdiction.
http://www.brokeandbroker.com/3128/supreme-co...-merrill-/
And something a little more recent to connect the dots while new DTCC settlement rules are in effect.
https://www.bloombergquint.com/onweb/sec-data...to-deliver
All IOU's will be very valuable to shareholders especially if they sell above the Ask when a cover becomes mandatory to resolve as quickly as possible. What is unknown is the time in which this happens....but what is known is the process for a corporate actions via going private does force to identify CRGP inventory from all market participants!
The story does not matter.
The process always matters!!!
FUCK THE NOISE!!!
Long and Strong! WITH A MASSIVE AMOUNT OF COURAGE TO HOLD THAT DAMN LINE FOR DOLLARS AND NOTHING LESS!
$13
$CRGP
(1)
(0)
U.S. Constitution
"The Preamble
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Oath
"I solemnly swear to support and defend the Constitution of the United States of America"
The Flag
"I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all."
"The Preamble
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Oath
"I solemnly swear to support and defend the Constitution of the United States of America"
The Flag
"I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all."
Quote:
If the broker-dealer fails to deliver for 13 days, the regulation imposes a “close out” duty to purchase and deliver securities “of like kind and quantity.”
https://www.bloomberg.com/opinion/articles/20...ify%20wall
https://www.scotusblog.com/case-files/cases/m...v-manning/
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