New York Times Gets Stiffed For Baloney Brigade Ad
Commenting on a loopy, lying New York Times ad last June by Richard Altomare of the naked shorting poster child Universal Express, Times correspondent Floyd Norris quipped, "Speaking as a [Times] shareholder, I hope The Times got payment for the ad before it ran."
Apparently it didn't and that was no joke. As Zac Bissonnette points out today, the Times was stiffed for the ad.
Zac notes that a report by receiver Jane Moscowitz lists "the newspaper is listed as a creditor in the amount of $173,416.32." Floyd confirms in a follow-up that that the Times and other media outlets were among the hapless Universal Express creditors, who apparently didn't pay too close attention to the company's financial condition before extending credit.
Since the Times should not have accepted this slimy ad in the first place, I am not doubled over in grief over the hit to Floyd's shareholder equity.
Meanwhile, more details are coming out every day about how Altomare used this company as a personal piggybank, while he illegally sold unregistered stock.
The Baloney Brigade anti-naked-shorting nutcases, who clasped this cockroach of a company to their manly breasts, are predictably strangely silent on the Universal disaster, as it begins to a resemble a rape case more than securities fraud.
The shareholders of this company contain the usual deluded crackpots, as indicated by the threatening emails Moscowitz has received, but I note that one baloney brigadier has come to his senses. An"online petition" on behalf of this crooked company was withdrawn, its sponsor saying:
****NOTICE**** As author of this petition, in good conscience I can longer support Mr. Altomare or Universal Express, or any of the other defendants. I have sadly come to the conclusion, based upon what I have read from the court appointed Receiver in this matter, that shareholders were abused. I withdraw this petition. My intentions were good, but I feel betrayed.No s--t, Sherlock.
The stench of penny stock fraud has long permeated this fraudulent movement. If you didn't notice, don't expect anyone to feel any sympathy for your bad choices.
P.S. One silver lining is that the U.S. Chamber of Commerce, a leading Baloney Brigade supporter that appointed Altomare to three committees, was stiffed for $10,000. Floyd reports "A Chamber spokesman confirmed to me that Mr. Altomare was invited to join the committees, but said that he is not now associated with the chamber."
© 2007 Gary Weiss. All rights reserved.
Wall Street Versus America was published by Penguin USA on April 6.
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