NTEK / NTGL

Quote: unJon

It’s common for the stock of a company in chapter 11 to keep trading on pink sheets. I think some people just don’t get what it means for equity for the company to be in a chapter 11. Shorts usually go through the roof, but shorts cost to carry, and there isn’t a ton to be made when the stock is at pennies, and bankruptcy could take a long time to officially wipe the equity, so shorts just won’t drive it to zero.

I agree with everything that you have said and have a vague understanding about how shorting stock and short traders operate. You undoubtedly know more than I do as my level of knowledge is novice, at best.

The short traders aren't the ones who confuse me. The ones who you confuse me, as you mention in your second sentence, are the ones who buy it so low hoping for it to long-term, "Go back up." The only thing that will happen long-term is that stock will not exist.

Quote: unJon

...The fat lady sings when some sort of insolvency process (federal bankruptcy, state law dissolution) concludes and actually cancels the stock.

Thank you. I can't think of anything further to say.

Quote: unJon

The stock is already “delisted” if it’s trading over the counter. At that point it’s just market makers (banks, brokerages) listing quotes, there’s no “exchange”. Those folk won’t quit listing quotes so long as there’s money to be made doing so (by picking up the bid/ask spread on trades). The company itself can stop the quote listings, but don’t usually bother. The fat lady sings when some sort of insolvency process (federal bankruptcy, state law dissolution) concludes and actually cancels the stock.

Exactly, for the purposes of illustration, here is non-existent RadioShack:

https://www.marketbeat.com/stocks/OTCMKTS/RSHCQ/

With a market cap of 2.52 Million, apparently.

That's not RadioShack, though, because it does not own anything about RadioShack. RS Legacy does not own the name, website, franchising rights, none of it. It is an empty ticker symbol full of sound and fury signifying and representing exactly nothing.

Radioshack was owned by General Wireless Operators, a private company, who own the E-Commerce site for RadioShack:

https://www.radioshack.com/

However, that's because they were allowed to keep it after they themselves filed Chapter 11 Bankruptcy and reorganized. During the process of this bankruptcy, the name, "Radioshack," and intellectual property were sold to a company called Kensington Capital Holdings, who were a creditor to...um...I don't know. One of the companies that owned RadioShack before this, probably General Wireless Operators.

Okay, so here's the breakdown:

RadioShack-Not a company.

RS Legacy (Symbol: RSHCQ)-Also, not a company, at least not anymore. They owned and operated RadioShack, but then sold it to General Wireless Operators via Chapter 11 Bankruptcy. These stock shares have supposed value but are, "Worthless," in the sense that no actual company exists. There will be no stock buyback and, even if something, "Radioshack," were to file Chpater 7, it has nothing to do with RS Legacy.

General Wireless Operators-They own businesses and a website that says, "Radioshack," on them, but not the intellectual rights to the brand. They do own actual stuff with value, but I think they are a private company. I could be wrong.

Kensington Capital Holdings-Owns the intellectual rights to the RadioShack name, associated trademarks, etc. Leases the right of usage of these to General Wireless Operators.

Anyway, this stock still exists, even though the then company itself called it, "Worthless," back in 2015:

https://www.cnbc.com/2015/03/12/radioshack-dont-buy-our-stock-its-worthless.html

And, it is worthless. It's worthless, but it's, "Worth," over two million at the same time, if you believe the market cap.

Regarding my above post: The only reason the fat lady didn't, "Sing," on the Radioshack stock is that all of this occurred in Chapter 11 rather than Chapter 7, so there was no legal necessity to discharge the stock.

Radioshack and Sears are 2 places that have pretty much been in about to go bankrupt or about to close a ton of stores, since I was a youngin. I walked through a Sears last week. It was crazy how it's still standing.

Quote: djatc

Radioshack and Sears are 2 places that have pretty much been in about to go bankrupt or about to close a ton of stores, since I was a youngin. I walked through a Sears last week. It was crazy how it's still standing.

Sears is a college jock at 3:00a.m. on a Saturday, it's not really standing so much as it's being held up.

Quote: Mission146

Regarding my above post: The only reason the fat lady didn't, "Sing," on the Radioshack stock is that all of this occurred in Chapter 11 rather than Chapter 7, so there was no legal necessity to discharge the stock.

I have personal experience with the RadioShack bankruptcy so don’t want to discuss on a public forum. Re: the above, you can also “sing” in chapter 11. Sell the assets in a 363 sale then propose a plan of liquidation rather than reorganization. Cancel the stock and move the sale proceeds and whatever remaining cats and dogs assets are left to a luquidating trust to make distributions. There are certain benefits to doing it in chapter 11, such as remaining a debtor in possession rather than having a trustee appointed.

ETA: And even a chapter 11 plan of reorganization will cancel the old stock (unless it’s a solvent Debtor case) and reissue new stock to all or certain creditors.

Quote: Wizard on 10/24/2018

I sometimes wonder about NTEK, but I'm usually away from the computer at those times. I see NTEK is trading at 0.0048. If all the licenses lapsed and there is no physical presence, how is it that there is still a ticker? The last time I checked the market cap, it was a few million. Now it is just over $800,000. Is that based in the value of its IP?

NTEK is rallying, up to 0.008 -- up 67%. Market cap is at 1.429 million. What is the news I missed?

Quote: Wizard

Quote: Wizard on 10/24/2018

I sometimes wonder about NTEK, but I'm usually away from the computer at those times. I see NTEK is trading at 0.0048. If all the licenses lapsed and there is no physical presence, how is it that there is still a ticker? The last time I checked the market cap, it was a few million. Now it is just over $800,000. Is that based in the value of its IP?

NTEK is rallying, up to 0.008 -- up 67%. Market cap is at 1.429 million. What is the news I missed?

As has been explained to you the 'market cap' is NOT a real market cap. If someone owned all of the shares and tried to sell them on the open market they would not get that 1.4 million, nor the 800k. Probably closer to zero. If I sell you 100 shares at a penny a share, the $1 transaction would now set the fake market cap at nearly 2 million dollars, as the price would be listed at 0.01 now. I own a few thousand shares. I may try to sell them just to show you how phony the 'market cap' is.

It kind of looks like there is a rumor/hope/delusion about ntek getting additional funding.

There's a fair amount of chatter here:

https://investorshangout.com/Nanotech-Entertainment-Inc-NTEK-64947/

This post;

https://investorshangout.com/post/view?id=5275065

from November 30th claims:

Quote:

I liked the fact David stated he will be updating SH's in a few weeks regarding the status of the funding. That is a rather quick timeline especially taking into account NTEK's history. This leads me to believe David is confident the 10M line of credit will actually happen in December. The fact two private investors have put up 5M each as collateral for the 10M line of credit tells me they are extremely confident of the NTEK business plan and the future success of the company.

I am hopeful once NTEK receives the 10M line of credit via regular merchant banks and puts the money to work to wipe out all NTEK debt, lawsuit settlements, and gets the CE removed this will persuade the 25M funding Co. to finally release the funding. We don't know for sure why one of the funding companies dropped out or why there has been such a lengthy ridiculous delay from the 2nd funding co but I'm sure all the outstanding lawsuit settlement payments and debt was not helping the situation any.

Yes, NTEK is powerless without funding but could well become a "Powerhouse" in 4K/8k HDR streaming once the 10M line of credit kicks in. IMO the NTEK heartbeat has grown stronger and all the pieces are in place for the phenomenal success we have been waiting for these last several years.

After 10 min of reviewing stock message boards, this all seems to be classic pump and dump along with reverse splits plus flooding market with shares. I’d keep far away.

Indeed.

Quote: SOOPOO

If I sell you 100 shares at a penny a share, the $1 transaction would now set the fake market cap at nearly 2 million dollars, as the price would be listed at 0.01 now. I own a few thousand shares. I may try to sell them just to show you how phony the 'market cap' is.

I'll buy one share for $1, just to see what happens. How do I buy it?

Quote: Wizard

I'll buy one share for $1, just to see what happens. Hos do I buy it?

I have an online brokerage account with TD Ameritrade. As we speak the "Bid" price is 0.005 for 40,000 shares. The "Ask" price is 0.007 for 250,000 shares. So you can buy up to 250,000 shares for 0.007, or sell up to 40,000 shares for 0.005. If you put in a buy order for $1 (assuming there is no minimum requirement) you would get 142 shares, not 1 share. The program always gets you the best price out there. There may be other sellers listing the shares at 0.008 as an example, but only the best price shows up. A stock that has a spread between .005 and .007 will not likely see any trades for a while.
Do you not have a personal online brokerage account?

Quote: SOOPOO

I have an online brokerage account with TD Ameritrade. As we speak the "Bid" price is 0.005 for 40,000 shares. The "Ask" price is 0.007 for 250,000 shares. So you can buy up to 250,000 shares for 0.007, or sell up to 40,000 shares for 0.005. If you put in a buy order for $1 (assuming there is no minimum requirement) you would get 142 shares, not 1 share. The program always gets you the best price out there. There may be other sellers listing the shares at 0.008 as an example, but only the best price shows up. A stock that has a spread between .005 and .007 will not likely see any trades for a while.
Do you not have a personal online brokerage account?

Thank you. I have one with Fidelity. I guess I incorrectly thought you had to fill out a pink form to by pink-sheet stocks.

I've always believed that something is worth what you can get someone else to buy it for. If someone is offering to buy shares at 0.005, that indicates to me its true value at the moment.

Quote: Wizard

NTEK is rallying, up to 0.008 -- up 67%. Market cap is at 1.429 million. What is the news I missed?

Time for a monthly check of NTEK. Current price is 0.0074, down 7.5%.

Back in the day, someone who was raising money to go pan for gold might get listed in the pink sheets; the stocks were listed on cheap pink paper. Now, some brokers make you call one of their brokers and spend more for a manual trade to buy and sell pink sheet stocks. When adult videos were still dvd's sold in boxes in stores, I looked into raising money on the pink sheets; I figured the stock would do well since thousands of people would see the ticker symbol on the DVD box and know it was a legitimate business since they saw the video in stores.

A ntek/ntgl update. This from various sources as well as Pacer. Pacer is a free account with a generous no charge up to 10.00 dollars worth of searches and research a month.

David Foley and his wife have filed 3 so called skeleton bankruptcies meant solely to delay court and creditor processes through the court. These are basically phony devices to give someone time to do other things. Used by many to cause delays as bankruptcies normally freeze all collection actions except taxes to allow the debtors to if they are earnest, work out legit plans with creditors.

In the Foley's case, repeated filings of skeleton bankruptcies tend to show less than honorable intentions. The ceo/owner of nanotech, having at least at last count 11 active lawsuits, almost all of them for breach of contracts and non payments. It has been publicly court documented the ceo has not paid mortgage payments in years and has delayed foreclosure sales perhaps 5 to 8 times in the last year.

Neither NTEK or NTGL has any business licenses to operate anywhere in the United States that can be verified.
Ultraflix is not nor never has been available natively or 'installed' on any name brand device ever. This has been publicly promoted and lied about for years. Ultraflix the app has been shut down numerous times in the past year, most recently weeks ago for ssl certificate failures. David Foley publicly stated on a forum that the certificate had a problem. This is false. Certificates don't have problems. It is the business's responsibility to keep up on the fees and charges to keep their certificates updated. It's not free. It's very likely the fees were not paid and the domain and certificate association just routinely expired the cert. There's nothing complex or magical about owning and maintaining internet certificates.

Last fall, another Wells Notice was publicized-(last one was in 2012 when Foley stopped being a SEC filer) discovered legally that the SEC was investigating Foley and company. That's in continued progress.
Longside lawsuit was successful in at least getting a officer and insider company stock selling freeze. Allegedly no owner/officer of nanotech or it's subsidiaries can sell their stock in the open market.

Ultraflix had it's Nevada business license revoked two weeks ago and nanotech has been in default as well. The nanotech California license is forfeited-revoked for non payment of fees.

David Foley has been seen in public forums demeaning and calling his loyal shareholders ignorant and blames them for all his troubles.

Nanotech stock has a false market cap of 890K which is totally meaningless with a sub penny worthless stock.
The OTCM listing service, not an exchange has had the skull and crossbones status on Ntek for over a year. The ceo of nanotech said LAST year it was being removed in a week as he typed. Skull&bones designates a non paying entity to the listing service as well as otcm warning that they believe or know a company to be of questionable and possibly fraudulent conduct.

https://www.otcmarkets.com/stock/NTEK/overview

NTEK
NanoTech Entertainment, Inc.

OTC Markets Group Inc. ("OTC Markets") has discontinued the display of quotes on www.otcmarkets.com for this security because it has been labeled Caveat Emptor (Buyer Beware). OTC Markets Group designates certain securities as “Caveat Emptor” and places a skull and crossbones icon next to the stock symbol to inform investors that there may be reason to exercise additional caution and perform thorough due diligence before making an investment decision in that security.

The Caveat Emptor Designation may be assigned when OTC Markets becomes aware of one or more of the following:

Promotion — The security is the subject of stock promotion that may be misleading or manipulative. Promotional activities may include news releases, spam email, and newsletters, whether they are published by the issuer or a third party. See OTC Markets Group's Policy on Stock Promotion.
Investigation of Fraud or Other Criminal Activities — There is an investigation or other indication of fraudulent or other criminal activity involving the company, its securities or insiders.
Suspension/Halt — A regulatory authority or an exchange has halted or suspended trading for public interest concerns (i.e. not a news or earnings halt).
Undisclosed Corporate Actions — The security or company is the subject of a corporate action, such as a reverse merger, stock split, or name change, without adequate current information being publicly available.
Other Public Interest Concern — OTC Markets Group may determine that there is a public interest concern regarding the security. Such concerns may include but are not limited to promotion campaigns (including third-party), unusual or unexplained trading activity, spam or disruptive corporate actions even when adequate current information is available.

Found this post on another forum site which is mostly made up of pumpers and so-called shareholders and nanotech ceo followers which is spot on with the comments about the ceo of nanotech.
Thanks for reading. This post is unedited and posted straight as copied in response to another who blames people who post the truth about nanotech. We are all adults and I will not sugar coat anything. If people want the site, just do a search with any of the sentences. That's how I found it. I just search with the nanotech name.

Seriously Felix? LMAO!

Because you’ve invented some sort of “white night” fictitious entity you’ve claimed “you’ve been made aware of,” everyone’s that lost 99.9% of their investment in this penny sham should feel better? Seriously? That’s the big news you’re breaking on this chat board?

You’re talking about the same person/persons who broke the fictitious claim of 60,000 NP-1’s wide open and warned people.

You’re talking about the same person/persons that posted the cease and desist legal document from Paramount and warned people.

You’re talking about the same person/persons who knew the reverse split was upcoming and warned people.

You’re taking about the same person/persons who broke the reality of Lisa Foley actually being behind the claimed “unaffiliated” Royal Capital Group, which dumped billions of shares on the market and warned people.

You’re talking about the same person/persons who knew the CE designation was coming to NTEK and warned people.

You’re talking about the same person/persons who said NTGL was complete sham and warned people.

You’re talking about the same person/persons who broke open the extent of enforcement judgements against NTEK and warned people.

You’re talking about the same person/persons who broke the stories of both NTEK and NTGL getting sued and kicked out of their respective offices and warned people.

You’re talking about the same person/persons who broke open the SEC investigation into NTEK/Foley and warned people.

You’re talking about the same person/persons who broke open the reality that Bridgeport was a completely made up scam and warned people.

You’re talking about the same person/persons who followed both David Foley’s multiple attempts to shirk the law with fictitious and failed bankruptcies as well as those of his wife aka partner in crime - and warned people.

And a million more red flags along the way that if taken as the facts they were could have saved a lot of investors a ton of money.

But yea, now that this criminal penny scam is on the countdown clock for being delisted and Foley and his family going to jail again, let’s bash those who uncovered the myriad of lies all along the way as this scam swirled down the drain rather than scratch your collective heads and wonder why you never read the real DD that was posted all along the way.

Oh, and let’s make sure to bash those with enough guts to post on this forum just how much they got suckered and how they’e lost their life savings and make them feel small.

Great plan genius!

LMFAO!

Quote: billionaireben

Back in the day, someone who was raising money to go pan for gold might get listed in the pink sheets; the stocks were listed on cheap pink paper. Now, some brokers make you call one of their brokers and spend more for a manual trade to buy and sell pink sheet stocks. When adult videos were still dvd's sold in boxes in stores, I looked into raising money on the pink sheets; I figured the stock would do well since thousands of people would see the ticker symbol on the DVD box and know it was a legitimate business since they saw the video in stores.

Actually, that works in reverse with real businesses. Only scam companies would insert their ticker symbols in normal packaging and advertising. They are trying to sell the stock, not the product.
Even back then, that might have backfired, maybe not. But today, it most certainly would have failed.

And isn't it interesting how things just a few years ago were taboo and couldn't really be published about are now more acceptable? Like adult pornography and weed/cbd?

I used to be a cameraman for early porno films before video. We just started shooting with combo rigs of video/film. Most of the time they would rent cheap motel rooms, shoot against one wall, change clothes and shoot against the other wall, then we'd move over to another motel before getting busted. Walked out many of times as the police were coming in. Believe me it wasn't glamorous by any means. Good money, high stress back then. Totally different today.
Money and greed always wins out.

Quote: SOOPOO

Quote: Wizard

Quote: Wizard on 10/24/2018

I sometimes wonder about NTEK, but I'm usually away from the computer at those times. I see NTEK is trading at 0.0048. If all the licenses lapsed and there is no physical presence, how is it that there is still a ticker? The last time I checked the market cap, it was a few million. Now it is just over $800,000. Is that based in the value of its IP?

NTEK is rallying, up to 0.008 -- up 67%. Market cap is at 1.429 million. What is the news I missed?

As has been explained to you the 'market cap' is NOT a real market cap. If someone owned all of the shares and tried to sell them on the open market they would not get that 1.4 million, nor the 800k. Probably closer to zero. If I sell you 100 shares at a penny a share, the $1 transaction would now set the fake market cap at nearly 2 million dollars, as the price would be listed at 0.01 now. I own a few thousand shares. I may try to sell them just to show you how phony the 'market cap' is.

Hi Soopoo, you're very correct about market cap and penny stock, however, not about your single trade effecting market prices, instant MC. For one thing, ntek is on a listing service, not an exchange. A market exchange like NYSE requires audited financials and verifiable numbers when companies submit their filings. The OTCM does not vet anything about companies. It's basically an advertising venue for companies who can not or refuse to be SEC filers and thus be held more accountable. The OTCM is a private company created to allow market makers to have a convenient location as a 'clearing house' of sorts to transact trading in entities that are not registered with government agencies such as SEC and are not or can not be on a registered market exchange.

As far as your single trade moving the pps, it's literally not possible when over 179 million shares are outstanding. Even a million shares sold would only move the pps a fraction and that would be momentary and the market cap would not reflect that at EOD.
And the only reason why we are seeing pps move on ntek is because it is now illiquid with low volume. And as you and I have commented, the pps is not an indicator of a companies true value. Just the value of the stock at the moment. MC actually has nothing to do with a companies condition or numbers at all when looking at a scam who issued themselves billions of authorized shares and then have a billion shares outstanding for the market.
GL and keep up the good work.

Quote: Wizard

I'll buy one share for $1, just to see what happens. How do I buy it?

Hot off the SEC website........................

https://www.sec.gov/litigation/complaints/2019/comp24419.pdf

Hey, the Skill Based Pinball Machine made the criminal complaint!

“Its main product was a skill-based pinball game, but the product was never licensed and NTGL earned no revenue.”

And to think of all the grief and suspensions caused over suggestions on how to make it better. And the grief given to posters who tried to warn others about Foley’s previous history of stock manipulation and outright fraud.

But overall a great read for the Wizard and others who never knew of how penny stock scams work.

Quote: Boz

Hey, the Skill Based Pinball Machine made the criminal complaint!

“Its main product was a skill-based pinball game, but the product was never licensed and NTGL earned no revenue.”

And to think of all the grief and suspensions caused over suggestions on how to make it better. And the grief given to posters who tried to warn others about Foley’s previous history of stock manipulation and outright fraud.

At this point it is only a civil matter......

Quote: wellwellwell

At this point it is only a civil matter......

I stand corrected, thanks.

Still a great read on how crooked Foley was/ is.

Quote: wellwellwell

Hot off the SEC website........................

https://www.sec.gov/litigation/complaints/2019/comp24419.pdf

Nice. Maybe I'll get my money back. :)


ZCore13

NTEK stock down 36% today to 0.005. Market cap = $893,260.

Quote: Wizard

NTEK stock down 36% today to 0.005. Market cap = $893,260.

Not trying to sound obtuse, but why do you continue to list the market cap when it has been explained over and over in this thread that it’s a fake number?

@wellwellwell
Damn, you beat me to it. I got this am from my SEC email alerts. And I had to leave.
But yes. It's civil at the moment, but the doj is already on the case and they may even preempt the SEC.
There's at least nine on the indictment and more in the wings.

And Ahigh will most likely be involved as well. You never know who your friends are.
Feels really good to be right and vindicated. More probably tomorrow. Many stock chat boards are buzzing now.

Hope you didn't buy any. Very soon both stocks will be revoked. Then you own stock in a private fake company.

Actually, there never was a working ntgl product to sell. Just pictures to scam shareholders and marks for foley.
Anyone working ntgl will be getting subpoenaed and or is already talking to save their ass.

@zcore13
How? If you bought shares, you will get nothing. If you invested in ntgl directly, your name is on a list somewhere and you will most likely spend some time with the SEC. And maybe doj. Wait, come to think of it, if you dealt with foley maybe he just pocketed the money directly and didn't want your name on the list. Maybe it's cool.
I'm not sure how exciting that thought is for you.

There's some pretty decent money to recover for the SEC, that's why they decided to go ahead with the case.

To be honest, I knew foley and foley and foley were making pretty good money from the scams, and thought it wasn't really enough to have the SEC bother, but I didn't realize how much and how a thoroughly a complete ruse nanotech really was. Only one single thing could ever be verified and that was a lame phone app called ultraflix.
I wouldn't be surprised all that shuts down too. Ultraflix has been failing for months now. Up and down.

Quote: sammydv

Actually, there never was a working ntgl product to sell. Just pictures to scam shareholders and marks for foley.
Anyone working ntgl will be getting subpoenaed and or is already talking to save their ass.

It’s funny to me that they did this with pinball.

Pinball is a hobby of mine. Over the past few years there has been several pinball “startups” that took big money in “preorders” and ever had a product, just pretty concept art.

Yep. Called a bait and switch. The internet has made that more prevalent by the week.
Glad I never worked for foley or at ntgl, all those people will be sweating bullets in the next few days, or already been put through the wringer. Probably been talking with the SEC for some time now.
Bet all those ntgl employees are now pissed that now realize that foley was pocketing so much money while not paying them half the time.

When the SEC announces a lawsuit, almost 80% or better of the discovery has already been done. So I doubt anyone from ntgl is surprised to see this finally hit the internet.

Quote: sammydv

@zcore13
How? If you bought shares, you will get nothing. If you invested in ntgl directly, your name is on a list somewhere and you will most likely spend some time with the SEC. And maybe doj. Wait, come to think of it, if you dealt with foley maybe he just pocketed the money directly and didn't want your name on the list. Maybe it's cool.
I'm not sure how exciting that thought is for you.

There's some pretty decent money to recover for the SEC, that's why they decided to go ahead with the case.

To be honest, I knew foley and foley and foley were making pretty good money from the scams, and thought it wasn't really enough to have the SEC bother, but I didn't realize how much and how a thoroughly a complete ruse nanotech really was. Only one single thing could ever be verified and that was a lame phone app called ultraflix.
I wouldn't be surprised all that shuts down too. Ultraflix has been failing for months now. Up and down.

I was just kidding. I did buy a few hundred dollars of NTEK after being duped with some of their false information, but dont expect anything back. That's what happens when you invest outside of your knowledge base.

On the other hand, I knew NTGL was a joke from the start. No gaming experience, no management, no viable casino product and a headquarters that was treated like a club house. I even got suspended for using the words, You're not in gaming, to describe the pinball inventors job status, which made him upset and got me 3 days if I recall.

Gaming is a bit more in my wheel house. I was telling people to but GLXZ a few years back at $0.25. Its now at about $2.00.

Oh well, it's all just entertainment to me.


ZCore13

Quote: Boz

Not trying to sound obtuse, but why do you continue to list the market cap when it has been explained over and over in this thread that it’s a fake number?

I believe something is worth what you can get somebody else to pay for it. People are still paying for NTEK stock, which shows there must be some faith in it.

Quote: Wizard

I believe something is worth what you can get somebody else to pay for it. People are still paying for NTEK stock, which shows there must be some faith in it.

Even if you are lied to a deceived?


ZCore13

Quote: Wizard

I believe something is worth what you can get somebody else to pay for it. People are still paying for NTEK stock, which shows there must be some faith in it.

Your statement is only true under certain conditions, including bounding information asymmetry between the buyer and seller. Or to be more explicit (as Zcore puts it above) the absence of fraud.

The actions of the SEC cast grave doubt that the conditions are met in the case of this stock.

There are plenty of other conditions that also need to be true, but they are less relevant here: absence of duress, minimal transaction costs, low barriers to entry to market in order to transact, etc.

Quote: sammydv

Yep. Called a bait and switch. The internet has made that more prevalent by the week.
Glad I never worked for foley or at ntgl, all those people will be sweating bullets in the next few days,

I recall somebody on this forum worked
high up at NTGL. Their name is on the tip
of my fingers..

You would know better than I.
I barely posted here.
The ntek/ntgl story is almost over thankfully. It's a shame so many people got taken for their money and trust.
But there was a tremendous amount of verifiable information out there to prove this was nothing but an elaborate scam.

People who worked for foley were well in the know and now it's time to pay the piper. I don't feel bad for the culpable.
Don't need to take my word for it, it will all be public knowledge very soon.

Quote: Wizard

I believe something is worth what you can get somebody else to pay for it. People are still paying for NTEK stock, which shows there must be some faith in it.

Mike, you are the "Candide" of investors.

I just don't see why this stock hasn't fallen to zero years ago. Who is still buying it and why? I was into a company, XPDR, and when the bottom fell on that, it quickly sunk to zero. Nobody would buy it at any price. Seems to me the fat lady has been singing for at least three years now.

Quote: Wizard

Who is still buying it and why?

Research "pump and dump" and beware the bandersnatch my son, the jaws that bite the claws that catch.

Quote: EvenBob

I recall somebody on this forum worked
high up at NTGL. Their name is on the tip
of my fingers..

Aaron Hightower "AHigh" was the operational head of NTGL. They had about three or four employees in Vegas and an office on Dean Martin Drive. They actually took a product to G2E two years in a row -- a skill-based pinball slot machine called Vegas 2047 (which was actually an awesome video pin) and a slightly less impressive Pacman-like product called "Casino Kat." None of the products got licensed or bought by casinos. Turns out there were issues with Foley and Gaming Control (what a surprise).

I personally believe Aaron H. did not know of the Foley stock scam. He was not a money or corporate guy. He was genuinely committed to getting a skill-based gaming product to market. Some of the stuff he did with digital displays was truly incredible. He holds more than a couple display patents including one that's very important for VR technology.

I sold exactly ZERO shares issued to me by David Foley/NTEK/NTGL .. I do still have paper for a 750,000 share distribution given to me a few months into the operation. That share distribution was made public. There were NO OTHER SHARES GIVEN TO ME.

On the open market, I traded and I LOST over $50,000 of real money that I earned and stored away in my career preceding working for NTGL.

I believed in David just like the rest of the investors. If that makes me stupid, then I am stupid. Certainly gullible would apply.

But I am a RESPONSIBLE INDIVIDUAL. And I took it on the chin like a man.

My wife left me.

Tons of shitty stuff happened to me.

HOW DARE YOU PEOPLE INSULT ME. HOW DARE YOU!

The SEC has not contacted me nor has anyone else since the fateful day when we stopped receiving paychecks.

Every two weeks was like a drama-fest with us wondering if we were going to be paid.

I made to feel responsible for the funding not going through because I worked with the board of directors (newly appointed Richard Baker) and the man I appointed to the BOD said, "things don't smell right."

I was fortunate enough that Richard was listed on the BOD because without his signature, there was no funding.

I was blamed for the funding problem. It was put on MY shoulders that the company crumbled because I would not sign off as President.

I stepped down as President after refusing to sign.

Jeff Foley made zero announcements that I had stepped down.

That was puzzling. But they did put my salary back at the rate from before the promotion.

No complaints.

I think that you guys would be hard pressed to find any culpability on my part with that funding scheme.

If you want to know who to thank for paying out of his pocket to his own personal lawyer, thank Richard Baker. The lead engineer behind Modern Warfare II, TitanFall, and more recently Apex Legends.

You guys that want to group me in there with this fraud obviously don't know anything about me.

I got Richard Baker his first job in the games industry.

I also got Gabe Leydon his first job in the games industry.

I've made plenty of money myself in my career even having lost $50k in retirement putting skin in the skill-based-gambling game, I don't sweat it. Not at all.

Especially seeing as, from my vantage point, it is a difficult thing to bring charges against a dude who lost as much as I lost in that shit-storm.

Richard and his lovely wife simply backed out and only lost travel and lawyer expenses.

I lost my wife, her kids, my job, $50k, divorce settlement.

For you guys to drag my name through the mud here is just simply inappropriate in my opinion.

You have zero facts behind accusing me of anything.

And Sammy, your suggestion that there was never a game reveals a lot about your lack of due diligence. You have zero credibility, sir.

Quote: Ahigh

If you want to know who to thank for paying out of his pocket to his own personal lawyer, thank Richard Baker. The lead engineer behind Modern Warfare II, TitanFall, and more recently Apex Legends.

Holy crap that dude is legendary, MW2 fukking yuge. It was my first multiplayer COD, I've been hooked since. I've been seeing a lot of big streamers play Apex as well.

Quote: djatc

Holy crap that dude is legendary, MW2 fukking yuge. It was my first multiplayer COD, I've been hooked since. I've been seeing a lot of big streamers play Apex as well.

Richard is very talented.

Quote: gamerfreakOver

the past few years there has been several pinball “startups” that took big money in “preorders” and ever had a product, just pretty concept art.

Who?

Heighway produced a damn good Alien game that I played. It just had a ton of bugs and reset constantly before they folded.
Big Lebowski made it into the world for awhile.
Certainly Kulek screwed people over with Predator, but even that had prototypes going around.

Which games took money in preorders and never made it past the concept art stage?

Quote: sabre

Who?

Heighway produced a damn good Alien game that I played. It just had a ton of bugs and reset constantly before they folded.
Big Lebowski made it into the world for awhile.
Certainly Kulek screwed people over with Predator, but even that had prototypes going around.

Which games took money in preorders and never made it past the concept art stage?

John Popaduke/Zidware was the biggest one

There’s a pretty good explanation of the situation in his Wikipedia bio

https://en.m.wikipedia.org/wiki/John_Popadiuk

More info here: http://www.johnpopadiuk.com/

It really sucks because I think he is/was a talented guy. Theatre of Magic, Circus Voltaire, and Arabian nights are some of the all time greats

Quote: teddys

I personally believe Aaron H. did not know of the Foley stock scam. He was not a money or corporate guy. He was genuinely committed to getting a skill-based gaming product to market. Some of the stuff he did with digital displays was truly incredible. He holds more than a couple display patents including one that's very important for VR technology.

I would tend to agree with Teddy. The engineers are usually focused on product, not the investment machine.

Quote: gamerfreak

John Popaduke/Zidware was the biggest one

There’s a pretty good explanation of the situation in his Wikipedia bio

https://en.m.wikipedia.org/wiki/John_Popadiuk

More info here: http://www.johnpopadiuk.com/

It really sucks because I think he is/was a talented guy. Theatre of Magic, Circus Voltaire, and Arabian nights are some of the all time greats

Wow, didn't know that. Thanks for the info. That's crazy that he designed those crappy Zizzle games.