More stock splits at Hacketts
UPDATE: I received an e-mail from Tom Scozzafava, explaining the reverse split this way:
The reason I did this was because stocks under one penny are disadvantaged in the marketplace for a number of reasons. For whatever reason, "one penny" is the low water mark, if you will. That's it.Scozzafava also objected to my use of the word "lure" in the first sentence. He has a good point, so I've changed it to "attract more investors". - DS
Tom Scozzafava is trying to attract more investors to invest in Hacketts retail stores by artificially raising the stock price. He executed a 1 to 50 reverse split on Hacketts' stock (HCKE on "pink sheets" trading). That means if you owned 50 shares of HCKE stock, now you own one. The value is the same; the move just raises the price of the stock to draw new investors' attention. Now called HCKI (you change the ticker symbol when you do a reverse split), Hacketts is trading at one penny. That's a fortune compared to its parent company, Seaway Valley Capital Corporation, which is trading at one-hundredth of a penny.
Scozzafava did this with Seaway Valley at least twice (once a 1:5 split, then a 1:1000 split). A reverse split is widely seen as a warning sign to savvy investors. But hey, there have been tons of warning signs, and people have still put their money into Seaway Valley.
posted by David Sommerstein @ 10/28/2009 09:13:00 AM
18 Comments
18 Comments:
Although you don't mention Dede in your "blog" you provide links that point to her "involvement." I won't jump on the bandwagon and assert that NPR and NCPR are biased but you make it hard for me to keep biting my tongue when you are blatantly trying to draw connections less than a week from Election Day. This is coupled with Brain's chat this morning on the 8 o'clock hour speculating that Dede is perhaps willing to debate "anytime, anywhere," becuase she is nervous about poll numbers. Why not just leave that out or offer speculation that she is willing to debate becuase she is confident. I enjoy the inbox but unfortunately it takes away, at times, from your station's objectivity.
Anon 10:33. I agree with you. Dede is confident. She probably sees Plattsburgh as an opportunity to reach new voters. I was really torn until about a week ago. The wisebuys thing is not her whole record and I think must thoughtful people will see that. I am glad I have had that info, but it doesn't override her experience. Neither Hoffman or Owens are ready for prime time.
None of them are ready for primetime. We much choose one though.
They (and i would really like to know WHO) sold that ARLN fraudshell which is now HCKI to
Tom.
He said he did not knew it.
Nancy once reported it on WTD..
Nancys Story:
http://www.watertowndailytimes.com/article/20090120/NEWS03/301209961
Fraud:
http://www.justice.gov/usao/fls/PressReleases/081215-02.html
I "may" buy that story if i would know who sold him that Shell but i do not trust Tom anymore out of several other reasons.
I didnt wanted to post anymore but it all raises SO many question about this whole story.
I stop blaming Tom now personally because it doesnt change a thing at all..it helps NO ONE to get sick because of silly money..we lost it all so be it naive as we were..was there something illegal i do not care anymore..all i claim is that my trust got broken hardly, and i really was one of the last shareholders of SWVL who still believed in Tom, naive and unexperienced as i was when i bought that Stock.
I stay calm here and stop as i stopped on the other blog aswell i and many others just want to know the WHOLE truth.
bbb
FYI: Its not the first R/S of this shell since Tom owns it i think.
Source:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37714522
Posted by: Generic Date: Monday, May 11, 2009 1:40:59 PM
In reply to: JimsZ who wrote msg# 63741 Post # of 64406
LOL -- what is HCKE useful for now?
A. Nothing.
HCKE- Hackett's Stores,Inc. Common Stock Reverse Split History
Symbol Split Ratio Date
14:03 1/26/2009 ALRN Americas Learning Centers, Inc New Common Stock HCKE Hackett's Stores, Inc. Common Stock 1-10,000 R/S **
ALRN 1:10,000 01/23/2009
ALCI 1:1000 12/03/2007
HVLN name change 09/24/2007
AWYB name change 11/10/2006
AWBV 1:5000 R/S 09/12/2006
AWBD 1:10 R/S 01/21/2005
AWHB 1:300 R/S 11/23/2004
DCGX 1:100 R/S 04/12/2004
DCGR 1:25 R/S 11/18/2002
DCIH 1:200 R/S 12/21/2001
DCGR 1:30 R/S 09/11/1998
http://investorshub.advfn.com/boards/board.aspx?board_id=3017
I'm beginning to think that the "horse race" reporting of this campaign is going to be what sways the election... it'll be the pundits and the polls that steer the voters. Right now, if one were to read into everything that is currently being reported, it looks like Doug Hoffman will win and be our next representative in the House (I cringe to think that - it certainly wouldn't be a sincere representation of the district. I have yet to hear Doug Hoffman say one single thing substantive.) I'm really getting tired of this horse race, polls, who's attacking who, etc, etc being the majority of coverage of this campaign. It should be a part of the coverage but it shouldn't be a majority of it.
It is unfortunate that these homegrown whiz kids couldn't use a local law firm
1) to create the separate corporation; and
2) to list the newly created Hackett's on exchanges from the get go. It all kind of makes you wonder where they were getting their advice. Was Doug Hoffman one of their advisors? Buying a shell corporation is just kind of whacko when you have a solid reputable business you are building from. Was this a way of avoiding public disclosure and scrutiny regarding the financing and the projections? Did somebody know they were headed towards crash and burn if the wind blew the wrong way? I gotta hope these guys were smarter than that.
Looks like Tom learned well from the schwartz family and the jreck scam. To bring up an unpopular phrase "you can put lipstick on a pig" but it's still, well you know the rest.
Again, how many times do people put their hard earned money into these scams?
Why not, instead of investing money in this dead horse, just drive down the road and throw your money out the window. Hopefully a person that can actually use the money,and put it to good use, gets it.
To paraphrase from an old kung-fu television show concerning the above mentioned, "Grasshopper you've learned well"
Anonymous 10:33AM said best. The InBox has turned into a pollitcal campaign for the Hoffman camp, or in the very least anti Dede. Once again Public Radio is showing their true colors and promoting a candidate rather than report on the candidates.
Dede aside, Hacketts needs a reinvestment from the community to it's name & culture to ever be successful in retail business again.
I think I'll make a movie called "Miracle on Pickering Street" just in time for the holidays.
How is this 'anti Dede'? The Hacketts story has been in the news long before her entering the race for Congress. If they wanted it to be 'anti Dede' they had plenty of opportunity to do so and if they had, it would have been picked up by more news agencies.
Her losing the race has nothing to do with her brother and his story could have been easily played up more to hurt her and it has not.
" Anonymous said...
Dede aside, Hacketts needs a reinvestment from the community to it's name & culture to ever be successful in retail business again.
I think I'll make a movie called "Miracle on Pickering Street" just in time for the holidays.
October 29, 2009 7:48 AM"
Hacketts lost the community when they forget their base customers. Overpriced merchandise, poor service and a "where else can they shop" attitude did them in. And that's the Ogdensburg store. When Wisebuys became Hacketts it went from a 3 rd rate Ames wannabe to a 5th rate wannabe.
Thank God for Walmart and Lowes!
And Alteri's went down the poop shoot! They suck now that the Alteri's sold to this corrupt business. Last time I was in there, I seen a girl rub her hand through her hair then went back to rolling the Italian cookies. I don't know what happen to the management but they need new people in there. The girls out front are sloppy, and nothing tastes the same. I am not getting cookies from there this year at Xmas. They need to bring back the girl with the squeaky voice.
David , Tom and Dede.
i hear the message in the mail back from Tom ! (Update Mail from Tom)
David, PLEASE remove ALL those posts on the blogs which contain personal attacks on Tom or Dede either i posted them or anybody else if that is possible.
I like to excuse my own both to Tom and Dede officially because i have insight that i did a huge mistake posting out of frustration.
I did mistakes by that, yes i do admit and say sorry here, i do really mean it. We all are only human beings and we all do have conscience and feelings, having that said its useless to spew hate or attacking each others, it doesnt help anything.
The whole story escalated long time ago because Tom doesn't talk to his Shareholders in a better way, by explaining better where we are and why things went bad for real.
This is why the Shareholders (me included) are so mad since a longer time, it drives them mad, it really does, they all are aswell only human beings and cannot take any abuse of trust.
I hope we get things deescalated, i dont care about my money loss anymore Tom, but it would be a good thing to come clean with your shareholders at SWVL, if you would do that we ALL together could be happy back, WITHOUT any personal attacks and or accusations.
Do we get there ?
I don't know, its up to ALL involved and long term OVERDUE and that's the reason we all get mad.
I admit i behaved not good and i hope you come into my same direction to deescalate the situation, if thats is still possible..i really hope it is.
You know Tom, i and others invested our hard earned money in your company because we really believed in you...we really did.
Turnaround things and truely explain what happened really and i will maybe do again.
This is probably the only chance of all involved , i sure hope we can take it to change our situation back thats all i can offer from my side at this time.
What can you offer Tom ?
I am really sorry about any post which probably contained a personal attack i really am !
Sorry !
Bernd Buchenberger
P.S. I will send this post to the shareholders and to the SEC aswell and i do hope we get some things solved for either side.
WOW, it looks like time to change the name of Seaway Valley Capital Corp , this is a prudent scheme to obfuscate the people that try to follow the money, this has worked so far (see previous company name list) then when you reverse split and try to show value where none exists and after DeDE gets elected you can attract new investors from a larger pond, you can then repeat the same process and continue to make millions---then again when DeDE is elected to Congress this would be a good way to buy her vote---channel money thru the new improved and enhanced Seaway Valley Capital Corp...
Hm, we bought into a Pennystock and we should have known the risks...it is true that the filings show about the risks, but in the beginning noone of us read them, speaking of the CD deals they are maybe all legal, speaking about morality to common shareholders i see that different but that is another side.
I will calm down now here, its not worth anymore the whole dramarama every day and what is it worth to live with hate and being angry all day..NOTHING..i try to get rid of that feelings asap we all have when we read the next post on the SWVL board, i let ban myown on every pennystock board on ihub aswell , this works best. I write the money lost off and try to get over with the rest, i try to delete some posts which might contain personal attacks to Tom or Dede because it doesnt help it and i regret i got hateful, i only have to blame myown that i ever bought 12k€ of OTC stock...i bought in a hype and played myself. The story around with all the big IF's / Will / Blabla matters is highly flexible and below the Pressreleases its written EVERY time...
This is Pennyland and when i lost my money here its about to blame myown...it suxx bigtime but it is like it is and i accept this now finally.
ONLY ME TO BLAME TO BE SO STUPID...END OF MESSAGE !!
I REGRET BLAMING OTHERS ALL THE TIME I REALLY DO !!
I WAS A STUPID SILLY IDIOT - PERIOD !!!!!!!
b
Convertible debenture is a debt instrument that can be converted into stock at the option of the holder or the issuer.
http://www.businessfinance.com/convertible-debenture.htm
I take back that anything of that is either shady criminal or anything like that.
It can work when the company is cash flow positive.
I do hope that Hacketts survives, i really do and i do hope that Tom talks to his shareholders one day its a deep sea of frustration whats between them and him.
David, please remove the hate from the blogs aswell my statement that the financing deals are not legal or anything like that.
Thank you,
b
Seaway Valley Capital as a business model could have worked, maybe it will still, hey they even had a WellsFargo loan of 5 Million$ (maybe that was the biggest problem that they had to pay back that) and thats why the story went ugly, i am leaving all my hate away i and many others completely believed in Tom one day (we really did) aswell because of the reputation of the people were lined up in the beginning (Ettore, La Chausse, Dede) we REALLY REALLY believed that all,
I "may" believe that Tom ran into troubles, but that would need ALOT of explanations to his shareholders or following shareholders.
I still cannot believe what happened ....i cannot.
And i put the gun down NOW and i do NEVER EVER touch it again on that ALL that with a loss of 12k$, i still own all the shares i bought but the sad part is that they arent worth anything and the story didnt developed that good like promised.
b
SWVL 1-1,000 R/S last week :-(
frustrating for common shareholders if not spun out with that reversesplit. Some hope they can save Hacketts for it's history ?
Was there no way for a more shareholderfriendly loan at some time instead of toxic financing ?
ENOUGH supporting shareholders at that time to live without CD's and there were 10 shops open already.... a HUGE Questionmark in my live...
b
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