Universal Express, Inc., the Little Company that First Alerted You and the World about the Devastating Effects of Naked Shorting…
Now the whole world is feeling the pain, reeling from the effect of the Tsunami that they now call NAKED SHORT SELLING. Bear Stearns is gone, Lehman demolished, AIG humbled, Frannie and Freddie usurped by the U.S. Government, Washington Mutual about to be history, Merrill sucked up by a bank, and many more on their way out. The SEC FINALLY DECIDES TO PASS THE “NO NAKED SHORTING” RULE (to be effective tomorrow) !!! When all the horses have bolted out of the barn, Cox, the shining knight in armor, comes to our rescue!! It is the shameful last act of an impotent man appointed to save the markets from exactly what is happening.
In case you have not been paying attention, Universal Express, Inc. (USXP) was severely naked shorted in 1998 after which the company approached the SEC for help. The SEC told it to get lost, “go talk with your market maker”. The company sued the guilty parties and won two massive judgments in 2001 and 2003 totaling over 700 million $. The SEC refused to help the company collect on these judgments. Instead it sued the company and its CEO (on March 24, 2004) for issuing “unregistered” shares into the market, this after being first being sued by the company on March 02, 2004. Judge Gerard E. Lynch of the NY Federal Courts (Northern District) colluded with the crooked SEC lawyers and stripped the company bare by sending over a “conflicted” Receiver who promptly drove everyone out and sold the company for farthings, a company that spent over 10 million $ in advertising just in 2007 !!! The receiver they sent defends a confirmed mobster accused of naked shorting several companies !!
On October 14th, 2008, the 2nd circuit appeals court in New York will be conducting a hearing on whether or not the CEO of Universal Express exercised his rights within the boundaries of law to protect his company from being crushed by naked shorting. After being sued by the company for being asleep at the wheel as the naked shorts raided the company, the SEC sued Universal Express back claiming there was no naked shorting whatsoever, demanding prood (in spite of prior judgments) and charging the CEO for issuing so-called “unregistered” shares, shares the company claimed were legally issued under a Bankruptcy Judge’s plan in the early 90s when the company emerged from bankruptcy. If the ruling to be announced subsequent to this hearing in fact supports the actions of the CEO as having been legal and justified within the framework of our justice system, this will then mean that Universal Express was essentially destroyed (almost to extinction) by the crooked SEC itself, in collusion with the ruthless and crooked wall street hedge funds, aka naked shorts. It would also mean that Judge Lynch is at best an “activist” judge as Senator Sessions forewarned during the judge’s confirmation hearing, and at worst is working hand-in-glove with the dark and dangerous forces within the SEC and within wall street and needs to be indicted and incarcerated.
This coming October 14th, 2008 should be a day for you to scrutinize the judgment rendered by the New York Federal Appeals Court and do some self-introspection. If the decision to be announced subsequent to this hearing is in favor of the CEO of Universal Express and his General Counsel (the shareholders were removed from this appeal in a cruel twist by the “conflicted’ receiver), we suggest you probe deep into your conscience and ask what you could have done when first alerted of this story and why you did not come to the help of all those who screamed for help when the dark forces of naked shorting were decimating hordes of small companies over the years (several thousand of whom are now extinct). How much is your non-action to blame for this outcome? What could you have done to alert the proper forces within your power? Are we living in a democracy? Did you hear his cries when they came for the small guy or did you just laugh out loud like the rest of the world and jeer at the so-called wackos who were shouting naked something as though they were attacked by some wild and senseless unclothed beasts of wall street?
