Good evening to all CMKX shareholders. As most of you know my name is Al Hodges; I filed the Bivens lawsuit against past and present SEC Commissioners. I recommend that you read the legal allegations carefully; they will explain what has happened with your investment up through 2009. The only exception to that is for certain items which are prefaced with the words “information and belief;” in that case, the allegations describe what we believe happened.
You were all advised about one month ago of the status of my efforts on behalf of all the shareholders. At that time I advised that I would have a further update when a receipt for Economic Release had been received, or in the alternative I became convinced that such receipt would not be forthcoming in the very near future. I also opined, based on information being provided to me, that I believed such receipt was imminent. Neither has occurred as of this afternoon @ 3:00 PM PST.
In the intervening weeks, I have requested my associate and very good friend, Dennis Smith, to periodically provide some communication to you so that you were aware of our continuing efforts. He has done so as often as possible and each update has been personally approved by me.
We have had multiple reasons over the past few weeks to believe funds were to be released sooner rather than later; on each such occasion I have so advised my direct clients as is my custom and practice in such matters. On occasion, what began as a projected schedule of completion became something quite different when repeated several times over. To the extent that such communication was faulty and engendered confusion and/or false hope among you, the fault is entirely mine; please accept my heartfelt apology.
We were optimistic for early resolution; I remain so. Unfortunately, what is early for one is late for another. When we speak of ‘early’ resolution and ‘imminent’ conclusion, we are speaking within the context of the legal profession and of lawsuits in general which, as many of you know, frequently stretch into years. The last thing we intended or wanted is to contribute to shareholderangst and/or emotional ups and downs. We are well aware of both the financial and emotional plight many shareholders are laboring under. As some of you well know, you do not labor alone in such condition.
As Tramp and many others have suggested, this effort is not about CMKX alone. Receipt of the Economic Release will impact, one way or another, the entire financial structure of US and international activities. Once you can accept the truth of that statement, I’m sure that you can understand that it is a highly technical, complex and multi-faceted undertaking. CMKX has a role to play and we are doing our very best to assist in its successful conclusion.
Many of you have asked what they can do to help further “the cause.” A media blitz may become necessary but would serve no real purpose at the moment. In the meantime should anyone feel they want to do something immediately, simply send a brief note and a copy of the complaint to every mainstream news outlet you can think of; in our view more exposure is likely to lead to additional leverage.
Leverage is beneficial to hastening receipt of Economic Release; it is not required and will have no real impact on the litigation. The lawsuit has and is being served on the defendants. As many of you are aware, the SEC’s General Counsel has agreed to accept service on behalf of the five current Commissioners. In the event that this matter has not concluded after all parties have responded in Court, we will initiate our discovery.
I will do as I said I would do; i.e. you will receive an update from me at such time as we have a receipt for Economic Release or I have reached the conclusion that it is not forthcoming in the very near future. In the meanwhile, please try to understand how very difficult and uncertain this particular time is. I and my associates are working very hard to accomplish what some have asked us to do on behalf of all CMKX shareholders.
A. Clifton Hodges
Hodges and Associates