ABA Stock-Something to Know

[The Magician]

Here's some interesting info on AMERICAN BASKETBALL (ABKB.OB)
http://www.abalive.com/ir.html

Over-The-Counter Bulletin Board - OTCBB
Click on http://www.investopedia.com/terms/o/otcbb.asp

"Stock that trade on the OTCBB, will have the suffix ".OB".

"OTCBB stocks are not especially large or stable and are considered very risky.

Over-The-Counter - OTC
Click on http://www.investopedia.com/terms/o/otc.asp

"As such, OTC stocks are generally unlisted stocks which trade on the Over the Counter Bulletin Board (OTCBB) or on the pink sheets. Be very wary of some OTC stocks, however; the OTCBB stocks are either penny stocks or are offered by companies with bad credit records."

Some good info Owners to refer to when deciding on whether or not to purchase ABA stock!

[nksports]

Hey, it bounced back up by a penny back to .20.

[The Magician]

It was my understanding that Joe Newman was pretty busy at the meeting last week pumping up the membership about investing in ABA stock ...

Why is it that people are not purchasing ABA Stock :confused:

Are people afraid to invest in the ABA?

[nksports]

Why is that people are not purchasing ABA Stock :confused:

Do people not want to invest in the ABA?

Could it be that $1.80 loss in the last couple of months since it went public?

[BreakersFan]

Hey, it bounced back up by a penny back to .20.


Is it really only $.20? Maybe I'll go ahead and buy 1000 shares just for fun. Why not? Even if goes all the way to zero, I'm only out $200.....

[The Magician]

Changed Ticker Symbol 'ABKB.OB' is no longer valid.
It has changed to ABKBE.OB.
http://finance.yahoo.com/q?s=ABKBE.OB

What's this about?

"E" Added To Stock Ticker Symbol http://www.sec.gov/answers/eadded.htm

When a company that trades on the OTC Bulletin Board (OTCBB) becomes delinquent in its reporting obligations with the SEC (for example, it submits a required filing late or in an incomplete form), the letter “E” will be appended at the end of the company’s stock ticker symbol. After the “E” is added, the company is given 30 calendar days (60 calendar days for most foreign companies and domestic banks), known as the “grace period,” to become current in its reports. If the company files complete required reports during the grace period, the “E” will be removed. If the company fails to correct its deficiency, the company’s stock symbol will be removed from trading on the OTCBB.

In addition, repeated delinquencies by a company in filing complete periodic reports with the SEC or other applicable regulator, or removal of the company’s security from quotation on the OTCBB because of its failure to file required reports within the prescribed period, can result in the security becoming ineligible for quotation on the OTCBB for a one-year period.

Specifically, if an OTCBB-quoted company is delinquent in filing complete required annual and quarterly reports with the applicable regulator three times in the prior two-year period, quotations of a security on the OTCBB will be prohibited until the company has timely filed in complete form all required reports due in a one-year period. Further, if a security is removed from the OTCBB twice in the prior two-year period, the security is subject to removal from quotation on the OTCBB until the company has timely filed in complete form all required reports due in a one-year period. For more detailed information, please read NASD Rule 6530.

Stock symbols for OTCBB securities may also have other fifth letters added to them, such as the letter “Q” (indicating that a company is in bankruptcy proceedings). You can view the complete list of fifth letters that may be attached to a company’s stock symbol on the OTCBB website. Stock symbol changes, as well as new issues, name changes, and deleted issues for OTCBB securities, appear on the OTCBB Daily List.

I don't believe I see a press release from the league on this :confused:

OTC:BB Press Release :confused:

Gee ... You would think the ABA would update their website with a change such as this :confused:

http://www.abalive.com/ir.html

Maybe change their homepage :confused:
http://www.abalive.com/

Currently Reads as of 1:00 p.m. CST today ...

INVESTOR RELATIONS The American Basketball Association is a publicly traded company (OTCBB: ABKB). Learn more by visiting the ABA Financial section.

I wonder if ALL shareholders know about the ABA being delinquent, or is this normal?

How would you feel as a potential invester who went to the ABA website to obtain information and you end up finding out that the ABA is delinquent?

[The Magician]

http://www.agoracom.com/ir/activecore/message/542479

SYMBOL CHANGES
Updated Date Old Symbol New Symbol Name Comment

13:50 04/20/2007 ABKB ABKBE American Basketball Association, Inc. Common Stock Delinquent **


http://smallcapstocksblog.com/2007/04/small-cap-stocks-blog-otcbb-symbol_19.html

Small Cap Stocks Blog (OTCBB Symbol Changes)
Symbol Changes
Old Symbol New Symbol
ABKB ABKBE

[The Magician]

What are the steps to get a company listed on the OTCBB?
http://www.investopedia.com/ask/answers/06/listonotcbb.asp

The over-the-counter bulletin board (OTCBB) is a regulated quotation service for over-the-counter (OTC) securities.The securities that are listed on the board are not ones that are traded on the Nasdaq or any other securities exchange; therefore, a company is not "listed" on the board, just quoted.

Although companies must adhere to certain listing standards in order to maintain their listing on the major exchanges, companies issuing OTC securities do not have to meet these standards. The only stipulation the OTCBB has identified is that any company that has an OTC security quoted on the board must not be delinquent in its filings to the Securities and Exchange Commission.

(SEC Delinquent Filings Program: http://www.sec.gov/divisions/enforce/delinquent.htm )

Trading done on OTC securities is very similar to that done on any other exchange. An investor must first open an account with a broker who puts in buy and sell orders on different OTC securities. Market makers then ensure that the trades go through at the quoted price and volume.

Before a company can post a quote for its OTC security, it must first recruit a market maker to sponsor the issue. Only market makers are allowed to apply to have a quote listed on the board and only one market maker is needed per security issued. Because the securities are technically not listed on the OTCBB, the issuing company does not have to pay any fees to have its shares quoted. Market makers, however, must pay a fee of $6 per security per month for all of the securities that they quote on the board.

Under National Association of Securities Dealers rules, market makers are not eligible to receive any payment for issuing shares of the companies they sponsor. Instead, market makers make money on the spread between the bid and ask price that they quote on the board.

To learn more, see Why The Bid-Ask Spread Is So Important, Markets Demystified and Getting To Know Stock Exchanges.

[The Magician]

What's this about?

I wonder if ALL shareholders know about the ABA being delinquent, or is this normal?

How would you feel as a potential invester who went to the ABA website to find information that the ABA was delinquent?

Because of this: http://biz.yahoo.com/e/070419/abkb.ob8-k.html

Form 8-K for AMERICAN BASKETBALL ASSOCIATION, INC.

19-Apr-2007

Other Events

Item 8.01 Other Information.
American Basketball Association, Inc. (the "Company"), as a result of unforeseen difficulties in finalizing its financial statements, has not filed its Form 10-KSB for the year ended December 31, 2006, which was due April 17, 2006. The Company is diligently working to finalize its financial statements and file the Form 10-KSB with the Securities and Exchange Commission.

Everything is just Dandy to be ABKBE ... At least for 30 days - right investors?

Be very aware Investors ... You might want to prepare yourself to sell ... and get what you can!

[The Magician]

American Basketball Association, Inc.
http://www.sec.gov/cgi-bin/browse-edgar?company=American+Basketball+Association&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany

Access to Commission Information
http://www.sec.gov/info/edgar/ofis.shtml#access

Public Reference. Members of the public who would like copies, including certified copies, of public Commission records (such as corporate filings and notices of Commission action) must submit a written request to the Branch of Public Reference via email, publicinfo@sec.gov; by fax, (202) 777-1030; or mail, 100 F Street NE Washington DC 20549. To assist us in responding to your request as soon as possible, please include your mailing address and a daytime telephone number.

Visitors to the Public Reference Room may access EDGAR (filings submitted electronically) and Thomson Research (for imaged paper filings) by utilizing the terminals in the Public Reference Room between the hours of 10:00 a.m. - 3:00 p.m., except federal holidays and official closings, at 100 F Street, NE, Room 1580, Washington, D.C. 20549. See the attached Operating Rules and Procedures of the Public Reference Room for further guidance.

For further assistance the Branch of Public Reference may be reached at (202) 551-8090. Hearing impaired requesters may call our TTY line at (202) 772-9306.

[nksports]

And this is Joe's first filing. He's in over his head. Like I said before, when it was just him in his basement, he could do pretty much what he wanted. When you bring in Wall Street, the rules change. The wages of sin may be death, but the wages of messing with the SEC is federal prison.

[TheHulk]

Here's some interesting info on AMERICAN BASKETBALL (ABKB.OB)
http://www.abalive.com/ir.html

Over-The-Counter Bulletin Board - OTCBB
Click on http://www.investopedia.com/terms/o/otcbb.asp





Over-The-Counter - OTC
Click on http://www.investopedia.com/terms/o/otc.asp



Some good info Owners to refer to when deciding on whether or not to purchase ABA stock!

What does ABA06er (er....Unca Joe) have to say about all of this?

[The Magician]

What does ABA06er (er....Unca Joe) have to say about all of this?

He'll say ... "I can't talk about it!"

[TheHulk]

He'll say ... "I can't talk about it!"

I just read today that the Securities and Exchange Commission just slapped the ABA with an extra letter on their stock symbol because of not filing the proper end of fiscal year paperwork with the government. Thus, making it even more of a red flag to potential investors. Apparently, an "E" was added to the stock symbol to denote that they are in default with the SEC. OTCBB stocks are an "iffy" investment to begin with because it mostly deals with companies that are in severe financial debt and are recovering or in debt and have no way of coming out. Either way, it's not good for the ABA. In fact at one point it was trading at $.20 per share. (how pathetic!)

[The Magician]

ABA Annual Report

http://www.sec.gov/Archives/edgar/data/1332044/000114420407020963/v072592_10ksb.htm

[nksports]

From the report:
"Our auditors have given us a “going concern” qualification. *

The Company’s audited consolidated financial statements for the years ended December 31, 2006 and December 31, 2005 have been prepared assuming that the Company will continue as a going concern. *As noted in the financial statements, the Company has had no significant operating history, and from April 21, 2004 (inception) to December 31, 2006, has generated a cumulative net loss of approximately $19,644,549. For the year ended December 31, 2006 the ABA had revenue of $609,752 and losses of $4,381,907. *As of December 31, 2006, the Company has $1,198,567 cash on hand. The Company expects that it will be able to meet its cash requirements until September 2007. If it is not able to raise additional funds at such point, it will be forced to curtail or cease its operations.*"

[OneBetter]

Intellectual Property

We intend to rely on a combination of copyright, patent, trademark, trade secret and other intellectual property law, nondisclosure agreements and other protective measures to protect our proprietary rights. We also utilize unpatented proprietary know-how and trade secrets and employ various methods to protect such intellectual property. Taken as a whole, we believe our intellectual property rights are significant and that the loss of all or a substantial portion of such rights could have a material adverse effect on our results of operations. We cannot assure you that our intellectual property protection measures will be sufficient to prevent misappropriation of our technology. In addition, the laws of many foreign countries do not protect our intellectual properties to the same extent as the laws of the United States. From time to time, third parties have or may assert infringement claims against us or against our customers in connection with their use of our products or services. In addition, we may desire or be required to renew or to obtain licenses from others in order to further develop and market commercially viable products or services effectively. We cannot assure you that any necessary licenses will be available on reasonable terms.

What IP does the ABA have? In my opinion, nothing that they are doing is unique. I fail to see the concern here. This is just boasting, IMO.

When you look at most legitimate companies, and you think about their product lines, it's very easy to see that they have some know-how, a process, etc. that makes their product unique or better than the competition. I just don't see that here.

[OneBetter]

If we fail to maintain an effective system of internal controls, we may not be able to report accurately on our financial results or to prevent fraud. As a result, current and potential shareholders could lose confidence in our financial reporting which could harm our reputation, our business and the trading price of our stock.

Hmmm, maybe they're trying to tactfully tell the SEC that maybe some of their losses may have actually been "misplaced" funds?

[OneBetter]

To all owners out there. Did Joe tell you that if you follow his business model that you'd reap a sizable operating profit? You may want to take a VERY close look at the ABA SEC filing.

We encounter substantial competition from various sources.


In order to attract fans and market League-related merchandise and other products and services offered by the Company and the League, the Company and the League must successfully compete with (i) other basketball teams, including those in the National Basketball Association (“NBA”), to a certain extent the Women’s National Basketball Association (“WNBA”) and the National Collegiate Athletic Association (“NCAA”), (ii) other professional and NCAA sports teams and (iii) other sporting and non-sporting sources of entertainment. Given the established nature of many of those competitors, there can be no guarantee that the Company and the League will attract enough revenue from fans and other sources to be profitable.

[OneBetter]

According to the ABA's official filing with the SEC, Joe is vital to the continued success (as he'd put it) of the ABA.

We are dependent on our management team and the loss of these individuals would harm our business.


The Company’s business is materially dependent on the continued services of it senior management and other key personnel, particularly Joe Newman, Richard Tinkham, Brad Hester and Darren Cioffi. While the Company expects to enter into two-year employment agreements with those persons, it does not carry "key person" insurance on any of them or any other employees. There is no assurance that any of the members of our team will remain employed by us. The Company also expects that it will need to hire additional personnel during the next twelve months. Because of competition for personnel, the Company may be unable to retain its current key employees or attract or retain other highly qualified employees in the future. If the Company does not succeed in attracting new personnel or retaining and motivating current personnel, its business could be adversely affected.

What would the ABA do without these KEY people? Hmmm, maybe actually succeed or, at least, be less of an embarrasement to all of professional basketball?

[nksports]

More from the report
Salary ($)
Joseph F. Newman
2006 250,000
2005 250,000
2004 250,000
Richard Tinkham
2006 250,000
2005 250,000
2004 250,000
Brad Hester
2006 60,000
That's somewhere between 28 and 56 market reservations a year just to pay themselves.
In the words of another Indiana boy, John Mellencamp, "When the walls come tumblin down, when the walls come crumblin, crumblin."
The ABA is a ship sinking fast. It looks like they've already spent about half the money from the reverse merger. When trading reopens Monday, don't be surprised to see the stock go below a 1¢, that is if anyone will buy it.
Some of you owners who have been on here need to get together within the next day or two and make your contingency plans. (Time to start your own league perhaps). My condolances to anyone who holds stock in this mess.
There have been a lot of joking around about this league, but this is the part where Joe and his cronies mess up real people's lives.

[nksports]

Hmmm, maybe they're trying to tactfully tell the SEC that maybe some of their losses may have actually been "misplaced" funds?
Misplaced like in a numbered bank account in the Cayman Islands?

[bectond]

make your contingency plans. (Time to start your own league perhaps). My condolances to anyone who holds stock in this mess.


No, I think the American public has had enough dumping on the basketball professional sports market.
No contingency plans are needed. These guys should just gracefully go out of the basketball business. Maybe they can poison another sport, say volleyball. But if the end is truly near just let it come, pull the plug. All bad things must come to an end.

[nksports]

I wonder how ole Alex is going to play this in SI?

[Buy4moresell4less]

I am new to the site but gentlemen the party is over. Joe, Connie, Dick, Darren, Brad are all going to be indicted for a host of sec violations and Fraud. These are very large well healed institutional funds and they will go the distance to get there investment back. Sorry for the reality check

[Fells]

I can't believe Brad is only being paid $60,000 for having to deal with Joe. He deserves Joe AND Dick money for having to do that.......

[Buy4moresell4less]

Not sure who ABA06'er is but no. One only needs to look at the cast of characters that have been put away (Enron, Tyco) and draw your own conclusions. The ABA is a public company and very large institutions invested. They could care less who they take out when they have been defrauded as they have been by Joe. Go to the filings and check out the reverse merger documents. They invested because Joe was retiring, Doyle was taking over, Salley was the new commisioner ect... it goes on and on. This is a time bomb and it will go off

[OneBetter]

Is this ABA06'er under a different name?

ABA06er has never talked bad about the ABA or Joe, so this definitely isn't him.

And besides, Fells, you told everyone to stop attacking each other. One thing under fire was accusing posters of being specific people, and here you're doing it yourself as a moderator.

[Fells]

ABA06er has never talked bad about the ABA or Joe, so this definitely isn't him.

And besides, Fells, you told everyone to stop attacking each other. One thing under fire was accusing posters of being specific people, and here you're doing it yourself as a moderator.

That is my bad. I will delete the post. Call it a lapse in the three remaining brain cells. Sorry about that.

[Buy4moresell4less]

here is another interesting fact, if you check the filings, Do you know who owns the rights to the ABA? NBA properties. They licence the use of everything connected to the ABA to the ABA. And, if you read the agreement it states that the NBA can terminate the licence for gross misconduct or any activites by the league or a team that would potentially impact the NBA name and enterprise.

When the SEC and State of Indiana District Attorney come down on Joe and his crew for fraud and misuse of public funds, what action do you think the NBA legal will take? This is all very unfortunate as there is a great deal of support for the league and its teams as evidenced by this posting site, but this time Joe has gone beyond escape

[The Magician]

The "E" in ABKBE.OB has been removed ...

It's back to ABKB.OB
http://finance.yahoo.com/q?s=ABKB.OB

[The Magician]

ABA Income Statement (Quarterly Data)
http://finance.yahoo.com/q/is?s=abkb.ob

[OneBetter]

That's an impressive balance sheet! Sign me up!!! Where can I buy some of that stock?

[The Magician]

http://finance.yahoo.com/q?s=ABKB.OB

Down 0.05 (33.33%) to close at 0.10 cents.

How low will it go ...

[Pounder]

Today's chant:

DIME STORE STOCK!

DIME STORE STOCK! [repeat ad infinitum]

[nksports]

I don't know how low bulletin borad (.ob) stocks can go. I know pink sheets (.pks) can go below a penny, but once you're there, you're pretty much toast to the point where even Joe and his cadre's 50.1 percent isn't worth the paper it's printed on.
Some people have been known to buy these kinds of stocks just to liquidate the company, but I doubt the ABA has any real assets, such as a building or equipment to sell.

[The Magician]

http://finance.yahoo.com/q?s=ABKB.OB

Down 0.02 (20.00%) to close at 0.08 cents.

How low will it go ...

[The Magician]

http://finance.yahoo.com/q/is?s=abkb.ob

[The Magician]

Sources monitoring the ABA, say that the league is nearly close to being completely out of money!

Is everybody keeping up with the SEC Filings?
http://finance.yahoo.com/q?s=ABKB.OB

Today's stock ...

Down 15.25% to close at $0.05

What an enticing investment prospect! :rolleyes: