> Since their press release opened this can of worms, I decided it was
> fair and reasonable to issue a press release on our behalf. It went
> to four major news outlets today. We'll see if anyone picks it up:
> ---
> OFFICIAL ANNOUNCEMENT OF EMERGENCE FROM BANKRUPTCY FUELS SALE OF
> DELISTED STOCK
> May 19, 2009
> When Shearson Financial SHSN issued an upbeat press release on
> Thursday May 7, 2009, stating that they were emerging from bankruptcy:
> http://www.reuters.com/article/pressRelease/idUS230522+07-May-2009+PR...
> news spread quickly over the worldwide web, and by the close of the
> market on Friday, May 8th, many investors who were poised for such an
> opportunity had bought in.
> What Shearson neglected to state in their Thursday afternoon media
> splash, was the fact that shares of SHSNQ, which began trading rapidly
> after they issued the release, had no value. An aggressive internet
> search turned up their Form 8K from March 12, 2009, stated under Class
> 7, that under their reorganization, new stock would be reissued and
> all holders of SHSN stock would receive nothing.
> On Tuesday, May 12, 2009, a little more than two full business days
> after Shearson's optimistic press release appeared in financial news
> sources and blogs, Shearson Stock was delisted and investors were
> wiped out. By the end of the week, some online traders saw it
> reappear at a fraction of its sale price under CUSIP number 82088H204.
> On May 20th, Shearson plans to reissue new stock, but according to a
> representative, they have made no provisions to convert shares held
> under the CUSIP number to their new stock symbol.
> When asked about the timing of their press release, Shearson said only
> that the trading of delisted stock was an act of negligence on the
> part of the brokers and investors.
> Numerous complaints about this incident have been filed with the SEC,
> and but the Commission is not authorized to disclose whether or not
> they plan to hold an investigaton.
> SEC contact: Bonnie 1-800-732-0330 Shearson Contact:
> Harry 415-380-9040
> Shearson bankruptcy lawyer: Gordon & Silver attorney Gregory Garman
> 702-796-5555 ggar...@gordonsilver.com
discussions