Zone Technologies was incorporated in 2015, and Ted Fansworth was the founder, CEO and sole shareholder of the company. shares was suspended in India. It was in these dangerous days in 2016 that Ted appeared on the scene with his own company, Zone Technologies, and reverse-merged with HMNY. of fraud and appointed an official liquidator to take over affairs to prevent the company from further siphoning funds from investors. In January 2016, Madras High Court (India) indicted HMIT Ltd. And by 2015, they had become notorious in India for defrauding investors through their company fixed deposits (a kind of corporate debt instrument, like bonds, common in India). As early as 2007, their name was already entangled in a fraud case in Mauritius. Helios and Matheson Information Technology Limited (HMIT Ltd.), the former parent company of HMNY, was nothing more than an Indian fraud stock scheme. The last name-change came in May 2013, when the name we all recognize today was born: “Helios and Matheson Analytics Incorporated”. The ticker was also changed from HMNA to HMNY. The only difference between the new name and the name of the parent company was “Incorporated” (Inc.) versus “Limited” (Ltd.). On, “Helios and Matheson North America Incorporated” changed its name to “Helios and Matheson Information Technology Incorporated”. In 2006, Helios and Matheson Information Technology Limited (HMIT Ltd.), a supposedly IT service company based and founded in India in 1991, bought a majority stake in TACX, and in Feb 2007 changed the name of the company from “The A Consulting Team Incorporated” to “Helios and Matheson North America Incorporated”, with new ticker HMNA. In August 1997, it IPO'd on NASDAQ under the ticker TACX. ( OTC:HMNY) was incorporated in New York in February 1983 under the name “Software Ben-Tov Incorporated”, but was promptly changed to “The A Consulting Team Incorporated” in April 1983. The company we now know today as Helios and Matheson North America Inc. Morphing of names and the Indian connection You are encouraged to do your own research, and I can assure you that there is so much more that can be dug out. The information in this article is only to the best of my knowledge, which is by no means complete on this matter. After first writing about it in a long comment, I decided it may be useful to others if I write a slightely more detailed treatment of the convoluted history of HMNY and the Indian connection that no one seems to talk about. But there doesn't seem to be many people talking about the sketchy history of Helios And Matheson ( OTC:HMNY) and Ted Fansworth. "But in HMNY’s case, traders must be thinking that HMNY’s stock price will go to $0.00, otherwise they wouldn’t be initiating new short positions.A lot has been written about the business model of MoviePass, and I believe that part of the story has been beaten to death. "Usually we see a plateauing of shares shorted when we get to such low price levels because traders don’t see much meat on the bone," Ihor Dusaniwsky, S3's managing director of predictive analytics, told Business Insider over email. A few days earlier, reports began trickling out that MoviePass was making life difficult for annual subscribers who wanted refunds.Īll of the negative turmoil could explain why short sellers have been so adamant about continuing to bet against a company that's already quite beaten down. Just last week, a director resigned from the company's board, accusing management of withholding material information for months. Meanwhile, the fundamentals of Helios & Matheson are getting shakier by the day. And to make matters worse, as Helios & Matheson's stock has tumbled, the company has covered massive losses by selling new shares to passionate investors. This insatiable desire for short-selling profits stands in stark contrast to the issues faced by the legions of retail shareholders who have taken deep losses. Account icon An icon in the shape of a person's head and shoulders.
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