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Entries in Suspension (2)

Tuesday
Mar132012

Direct Air Suspends Operations

Digital Vision/Thinkstock(MYRTLE BEACH, S.C.) -- Direct Air announced Tuesday on its website it will suspend flight operations until May 15. The airline began cancelling flights on Monday. The carrier serves 17 cities in the Midwest, East and South.

The timing of the announcement is sure to affect spring breakers; several of the cities it serves, including Myrtle Beach, S.C., and Orlando and Ft. Myers, Fla. -- are popular vacation destinations this time of year.

Attempts to call the carrier were answered by a recording that said all representatives were busy and directed callers to the carrier’s website. There was no option to hold to speak with an airline representative.

“Xtra Airways and Sky King, two direct carriers for the charter operator Myrtle Beach Direct Air and Tours, have informed us that they notified the operator they would cancel all future flights effective March 12 due to nonpayment,” a Department of Transportation statement said. “As a condition of approving its public charter program, Myrtle Beach Direct Air established an escrow account to make refunds to passengers if necessary.  The Department is continuing to look into the cancellations.”

Direct Air marketing officer Ed Warneck told The Sun News of Myrtle Beach that the carrier had missed a fuel bill. He cited rising fuel costs as the reason for non-payment.

The carrier, based in Myrtle Beach, suggests on its site that passengers holding tickets contact their credit card company for a refund. Getting a refund is typically the only recourse a passenger has in this situation, though passengers have received assistance from competing airlines in similar situations in the past.

In 2008, Aloha Airlines also abruptly suspended all operations just 10 days after filing for bankruptcy protection, blaming rising fuel costs and predatory pricing. At the time, the airline said the high cost of fuel, combined with the low fares it was forced to offer to compete on the inter-island Hawaii flights, was not sustainable.  Competitors United and Hawaiian Airlines stepped in to assist stranded Aloha passengers, offering them discounted flights and free standby options.

Copyright 2012 ABC News Radio

Tuesday
Jun072011

Trading Suspended for 17 Companies Suspected in Microcap Fraud

Comstock/Thinkstock(WASHINGTON) -- The SEC on Tuesday suspended 17 microchip stocks with concerns about the the exactitude of public information about companies that trade in the over-the-counter (OTC) market.

The SEC's Office of Market Intelligence, several regional offices and its new Microcap Fraud Working Group worked together in a proactive effort to detect fraud involving microchip securities, the agency said in a release.  

"They may be called 'penny stocks,' but victims of microchip fraud can suffer devastating losses," Robert Khuzami, director of the SEC's enforcement division, said Tuesday.

Khuzami said the Microcap Fraud Group will continue to target transfer agents, brokers, attorneys, auditors and other "gatekeepers" who benefit from less-than-transparent practices.

The companies included in the suspension are:

-- American Pacific Rim Commerce Group (APRM), based in Citra, Fla.
-- Anywhere MD, Inc. (ANWM), based in Altascadero, Calif.
-- Calypso Wireless Inc. (CLYW), based in Houston.
-- Cascadia Investments, Inc. (CDIV), based in Tacoma, Wash.
-- CytoGenix Inc. (CYGX), based in Houston.
-- Emerging Healthcare Solutions Inc. (EHSI), based in Houston.
-- Evolution Solar Corp. (EVSO), based in The Woodlands, Texas.
-- Global Resource Corp. (GBRC), based in Morrisville, N.C.
-- Go Solar USA Inc. (GSLO), based in New Orleans.
-- Kore Nutrition Inc. (KORE), based in Henderson, Nev.
-- Laidlaw Energy Group Inc. (LLEG), based in New York City.
-- Mind Technologies Inc. (METK), based in Cardiff, Calif.
-- Montvale Technologies Inc. (IVVI), based in Montvale, N.J.
-- MSGI Security Solutions Inc. (MSGI), based in New York City.
-- Prime Star Group Inc. (PSGI), based in Las Vegas, Nev.
-- Solar Park Initiatives Inc. (SOPV), based in Ponte Verde Beach, Fla.
-- United States Oil & Gas Corp. (USOG), based in Austin, Texas.

Copyright 2011 ABC News Radio







ABC News Radio