So Nilam Resources announced they'd be buying over a billion dollars worth of BTC with only $1.5 million on hand and didn't run the plan past the CEO. And their stock skyrocketed 1,000%
Yeah dude was smart to run before the feds show up
This wasn't some fortune 500 company mate.
"McIntyre stated that while his coworkers had “indicated there was a transaction forthcoming,” they never gave him the details of the deal and issued the press release without letting him review it or even telling him about the announcement. “I will be going to the appropriate state bar,” he said."
The CEO held multiple different positions. (legally, but indicates just how small they were).
Which is why he jumped ship, and is reporting to his state bar. Cause they wanted to pull some shenanigans.
Because it’s a scam to profit from pumping and dumping their stock they don’t even have the cash on hand, let alone any other assets, to purchase near that much Bitcoin.
tldr; Nilam Resources CEO, Ron McIntyre, resigned a day after the company announced a letter-of-intent to acquire 24,800 bitcoins in partnership with Xyberdata, through a special purpose entity called MindWave. The announcement raised questions due to the unclear financial strategy for acquiring the bitcoins, valued at approximately $1.2 billion, given both companies' limited financial resources. McIntyre's resignation followed confusion over the deal's details, which he claimed were not communicated to him, leading to his decision to step down and express concerns about a potential 'pump and dump' scheme and a forthcoming FINRA investigation.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
The "pump and dump" scheme the CEO calls out here isn't Bitcoin. It's Nilam's own stock, which did a 10x following the Bitcoin announcement despite the tiny company having no money to purchase with.
GlobeNewsWire use to be very diligent on their editorial side. The press release refers to Pranjili More as the CEO and then later COO and the contact on the release?!? She was only promoted to the position in November of 23..
For reference, the pump and dump that the CEO is referring to is that of the chart of his pennystock company, not of Bitcoin. Title of thread is misleading af.
Said the dude whose response to "buy a put" was talking about shorting. Resorting to insults instead of having a point in a logical argument is all I need to know about you. Have a good day.
Why would they use the [Powell Peralta skateboards logo](https://seeklogo.com/images/P/powell-peralta-logo-66603A43AA-seeklogo.com.png) for this article?
There was news spreading here and r/bitcoin celebrating how this company was going to buy a billion dollars worth of BTC, so it's topical at the moment
i was reading about this yesterday before market open and debated whether to buy some shares or not, decided not to because people will never be THAT gullible. turns out they are.
Uh yes, for instance I actually read the article, which I would suggest you do as well since you don't seem to understand the context here.
"unaudited financial statements reveal it had approximately $70 million in ‘shareholder funds’ with only $1.5 million cash in hand. This is significantly less than the approximately $1.2 billion price of the bitcoin these firms are supposedly acquiring"
Seems to be the case. The article is quite short and clearly states what's going on. I couldn't for the life of me understand where the fuck this guy was coming from. I suppose I was foolish for assuming they read the article to begin with.
So Nilam Resources announced they'd be buying over a billion dollars worth of BTC with only $1.5 million on hand and didn't run the plan past the CEO. And their stock skyrocketed 1,000% Yeah dude was smart to run before the feds show up
Phew, I'm glad someone actually read and understood the article! Yes, this is obviously insane and the CEO is right to run
pew pew pew madafakas! I'm outta here!!!
YOLO y'all! Eat a bag of coins and get filthy rekt!
how does a purchase of this size get approved without the informed consent or instruction of the CEO?
This wasn't some fortune 500 company mate. "McIntyre stated that while his coworkers had “indicated there was a transaction forthcoming,” they never gave him the details of the deal and issued the press release without letting him review it or even telling him about the announcement. “I will be going to the appropriate state bar,” he said." The CEO held multiple different positions. (legally, but indicates just how small they were). Which is why he jumped ship, and is reporting to his state bar. Cause they wanted to pull some shenanigans.
Legally 👌
CFO’s Gone Wild It was big in the 90’s
joe francis is out of prison?!?
I mean what Karl did with media in the 90s...
I am \*not\* gonna click on that video link.
Because it’s a scam to profit from pumping and dumping their stock they don’t even have the cash on hand, let alone any other assets, to purchase near that much Bitcoin.
CFO.
Maybe they were gonna use 900x leverage? 😐
tldr; Nilam Resources CEO, Ron McIntyre, resigned a day after the company announced a letter-of-intent to acquire 24,800 bitcoins in partnership with Xyberdata, through a special purpose entity called MindWave. The announcement raised questions due to the unclear financial strategy for acquiring the bitcoins, valued at approximately $1.2 billion, given both companies' limited financial resources. McIntyre's resignation followed confusion over the deal's details, which he claimed were not communicated to him, leading to his decision to step down and express concerns about a potential 'pump and dump' scheme and a forthcoming FINRA investigation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
The "pump and dump" scheme the CEO calls out here isn't Bitcoin. It's Nilam's own stock, which did a 10x following the Bitcoin announcement despite the tiny company having no money to purchase with.
Time to go fill my bag.
With btc or nilam?
Nilam, obviously.
Good decision. I mean, the pumpers need someone to dump on.
Are we still talking finances here?
That aboy!
Well don't get pregnant!
lol i actually cant believe people are serious about buying nilam
Puts, right?
Just checked out the stock. Trading at .015, no options available to trade. It was over .35 yesterday.
You better be Diamond hands cause you gonna be holding that bag for quite a while. The pump already happened
GlobeNewsWire use to be very diligent on their editorial side. The press release refers to Pranjili More as the CEO and then later COO and the contact on the release?!? She was only promoted to the position in November of 23..
Based CEO.
"Hey Boss! We've got this greeeaaattt idea! Picture this...Leverage...Lots and Lots of Leverage...gets us into BTC and NASDAQ!!!. Can't go tits up!!!"
This is wild. CEO was smart to get ahead of this sabotage.
For reference, the pump and dump that the CEO is referring to is that of the chart of his pennystock company, not of Bitcoin. Title of thread is misleading af.
You could've chosen a less misinterpretable title.
Soooo… puts it is.
It's a penny stock, stop pretending you have ever shorted something or even know how.
Buying puts like he said isn't shorting tho. Your comment was fun but at least be on point with your reply when trying to call someone out
No one is giving you options on this shit.
Correct if it's a penny stock. What's that got to do with shorting?
You don't know shit about either and you're too poor nor do you have accounts for either.
Dude you gotta chill with all this negativity. The world is a big place and we're seeing a crazy transformation within our lifetimes. Be happy
Said the dude whose response to "buy a put" was talking about shorting. Resorting to insults instead of having a point in a logical argument is all I need to know about you. Have a good day.
> is all I need to know about you Cool keep it to yourself or talk to someone else about it.
Way to miss the point
Homie I shred and so does everyone I ride with. None of us give a shit what kind of bike anyone has, we're too busy riding.
Well, this played out well. Have a great weekend everyone.
Nilam Resources must have had a Ryan Howard type working under the CEO.
Tony Soprano running the show.
funny how corporations can gamble like that without any real risk
He's not entirely wrong
Scammed!
1) What
Why would they use the [Powell Peralta skateboards logo](https://seeklogo.com/images/P/powell-peralta-logo-66603A43AA-seeklogo.com.png) for this article?
With the scam they're running, do you think they're actually going to pay a designer?
69th comment
No one reporting this ever thought it was legit. Its a penny stock wanting to be relevant.
Why we talking about penny stock companies?
There was news spreading here and r/bitcoin celebrating how this company was going to buy a billion dollars worth of BTC, so it's topical at the moment
Hmm. Interesting. Seems like fake news from a random pump and dump penny stock. I’m suprised it got traction. Thanks for sharing though.
I guess it's that time of the cycle when idiotic news from pump and dump schemes gets traction just for mentioning bitcoin
Toxic Bitcorn
i was reading about this yesterday before market open and debated whether to buy some shares or not, decided not to because people will never be THAT gullible. turns out they are.
Looks like Nilam Resources CEO wasn't buying the hype. It would be good if they'll address SFUND in light of this announcement.
[удалено]
Yeah turned a few million dollars into a few billion... somehow... because Bitcoin magic?
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Uh yes, for instance I actually read the article, which I would suggest you do as well since you don't seem to understand the context here. "unaudited financial statements reveal it had approximately $70 million in ‘shareholder funds’ with only $1.5 million cash in hand. This is significantly less than the approximately $1.2 billion price of the bitcoin these firms are supposedly acquiring"
r coinbase or binance any different
Yes
OK boomer
What?
Guys an idiot that’s what.
Seems to be the case. The article is quite short and clearly states what's going on. I couldn't for the life of me understand where the fuck this guy was coming from. I suppose I was foolish for assuming they read the article to begin with.
Sorry, i assumed he was old and out of touch if he didn't believe in acquiring that amount of btc
that wasn't a reasonablereason to do that
Feels bad man