The MMTLP Saga
Has it really been 9 weeks already? I think this to myself as I run my fingers over the surgical scars left on my abdomen. I realize they will never go away, even when I am fully healed, a reminder, and for me, a timeline of my experiences since MMTLP was halted.
I received MMTLP because I held through a merger between Torchlight Energy (TRCH) and Metamaterials inc, (they became MMAT). Torchlight’s gas and oil assets were eventually traded as MMTLP. They were never meant to be traded, and yet there they were: listed on the OTC, fraudulently, and FINRA (the self-regulatory body over the OTC markets) knew this. However, they did nothing and allowed trading.
Torchlight had been subject to illegal shorting for decades prior to the merger with Metamaterials. This practice is called naked shorting. Essentially, it is introducing counterfeit shares to bring down the price of a stock. Naked short selling destroys innovations, companies, and lives, yet the predatory short hedgefunds who engage in this behavior make billions. Also, if they bankrupt the company that is being short sold, they will never have to pay back a dime or pay any taxes.
Surely those who are entrusted to protect our markets would do something? The SEC, FINRA, the OTC, DTCC, politicians, banks, the media, or even the FBI? My heart was broken when I learned the level at which they protect one another; one weak link and all of their transgressions would be brought to light. They’ve all had decades’ long knowledge of the market manipulation, whether it be by naked shorting, spoofing, or tokenization of shares. Once they knew, and chose not to act, they progressed from being complacent to complicit. Our financial systems are complicit and have been for decades!
MMTLP was set to spinout into a private company, Nextbridge hydrocarbons. Since shorts could not move into a private company (or so we believed), maybe finally they would be forced to close their positions and take accountability for their actions. Unfortunately, that was not what would happen.
I sit here and think, my body hates me. Sounds dramatic, right? But it’s true. Every day it is actively working to destroy itself because I have Lupus. Part of my problem is I have developed an anti-neutrophil antigen. Sounds fancy, but it essentially means that my body is destroying its own white blood cells, leaving me with a critically low white count.
For me, surgery had added risk, and I knew this. I scheduled my surgery around the trading of MMTLP. I knew I needed to have this procedure, but I had been waiting for 2 years for this trade to shake out, so I scheduled my surgery for Dec 14th . FINRA, however, halted trading on the last 2 days. The last 2 days were position close only, this is when the shorts would have been forced to close their positions through corporate actions. Retail would also have an opportunity to sell, which is what the shorts would need to allow them to cover their positions. There was definitely squeeze potential and retail knew that, but it was never allowed to happen.
FINRA initiated a U3 halt; there were issues with liquidity, and it had the potential to create an extreme market event. What did the DTCC see when they opened the books? How significant was the shorting? These are all still questions that, 9 weeks later, we still have no answers for. There were no reconciliation for the sake of MMTLP shareholders or for the newly independent Nextbridge Hydrocarbons.
My planning thrown out the window and I go under the knife. I figured I would rest and step away. What happened to MMTLP holders was traumatic; the stock that was trading at $12 days earlier was now sitting at 0. Confusion sets in; our choice to sell or remain to move into Nextbridge, was taken from us. Now with so many counterfeit shares, how could we receive what was owed to us: a share of Nextbridge? We knew the shorts never closed and we knew the purpose for reconciliation. The needed process was disrupted.
This is when the grass movement really began to pick up. It had been forming for months. I had been hosting space calls on twitter for well over a year, and at this point, something very interesting happened: the U3 halt was implemented.
It was as if it was the shot heard around the world. MMTLP hoders rose up, not only to support one another, but to also collaborate and share information. We were becoming organized; our numbers were growing. Many people, from all around the world, were participating in 24/7 space calls. There were community members that worked together to ensure that there was always a place for people to go, someone to support and empathize with them. We wanted to lift each other up to not feel so alone, to help each other cope with such a detrimental experience.
I had experienced an injustice, and my motivation was for myself and my family, but also those in what I like to call the “Metafam” community. I wanted to reach out to anyone and everyone, and that’s exactly what I began doing. 5 days after my surgery, my son drove me to the FBI office in Pensacola, so I could file an official complaint. I went to my state capital, filed various complaints online, and completed multiple petitions. MMTLP holders contacted the media, the Sec, FINRA, the DTCC, and our brokers. As part of a military family, I contacted the JAG and Office of Special Investigations. Again and again, we were not met with action or even factual dialogue. We were often stonewalled.
We had some luck with Charles Payne, from Fox news, but he seemed to be the only member of mainstream media willing to highlight us. I even personally went in to CNN, but no one wanted to hear anything. We realized that these systems were designed to protect the bad actors and that we need to spread awareness organically from within. We needed to unite with others that were fighting the same war: the war on naked shorting.
At this point in time I was realizing that things were not going well with my surgery. Externally everything looked great, yet internally I was experiencing new pains: the fever would set in and I began to shake and sweat, whilst simultaneously feeling colder than I had ever felt in my life.
I ended up in the emergency room and was validated by the news that I had an infection. IV, antibiotics and oral antibiotics helped, but even after I had finished taking them, my symptoms began to return. I was set to go to CES (a tech conference) in early January, and I was given more antibiotics and was able to attend and see Metamaterials displays. This is the company that to me holds so much promise. The innovation, potential, and utility for our collective futures are what had sustained me through all the dark moments. The market manipulation included psychological warfare that was waged against retail on social media; It has been a difficult journey.
I could not stand by and watch this happen any longer; the activist in me was born. On Jan 27-28th, I was able to join forces with other retail investors turned activists in a peaceful rally outside the DC, SEC (Securities Exchange Commission). Many others joined in various SEC locations throughout the nation with a goal to spread awareness of market manipulation. Rally attendies needed to let the world know how market manipulation, specifically naked shorting, is compromising every 401k, TSP, our market integrity, even our national security.
It was great. It felt great. I met so many people working on so many amazing projects. I felt inspired and hopeful. Then, I returned home. It felt somewhat surreal being back. I found myself wanting the energy and momentum to continue. I had the understanding that things were being organized- put into place- it was time to kick things up to the next level, so I wait; I plan; I write.
As I am looking at my scars, I am aware of the pain I am starting to feel again. I am frustrated, when will this end? I really don’t want to go back on antibiotics. Everything is taking longer to sort itself out, much like the markets. Although from the outside, things seem like they are healing well, I am grateful to my doctor, who was willing to listen and take a deeper look. He wanted to truly understand what is happening to my body, to tell me the actual problem, the root cause and to work with me to fix it..
The healing process for MMTLP holders is not much different; we want to be heard; we want to be validated in our experiences. What happened to us is not okay. We want those in a position of authority to take a deeper look, to diagnose the problem accurately, to educate us and empower us with the facts of what’s really happening to our markets.
As a collaborative team, let’s discuss our options. How can we fix this? This is going to need more than just a Band-Aid on a festering wound. We need something that will resolve the systemic market wide problems. While it may be uncomfortable for many, the American people need to realize that we have this opportunity now. If we wait it may be too late.
Our scars may never fully fade; we will always remember how we have been wronged, but the reminders will fade, and we can heal. It is time for retail and our markets to be made whole. We cannot be destroyed by naked shorting; we must demand that shares be located before they can be shorted. We have the solution. We know what needs to be done and that congress and the SEC have the power to implement this change. Sometimes it’s a matter of creating pressure. You have the opportunity to join our ranks-this movement is for everyone-will you take up the call?
About the Creator
Excellent work. Looking forward to reading more!
Easy to read and follow
Well-structured & engaging content
On-point and relevant
Writing reflected the title & theme
What to know before you dive into entrepreneurship. Check it out guys!! https://vocal.media/trader/the-truth-about-entrepreneurship
Hope everything works out healthwise...
Well written piece. Congratulations.
Great article Cyntax! Long TRCH/MMTLP holder! I hope you feel better soon!!
I don't fully understand this, but the details are mesmerizing. Congratulations on achieving a Top Story on your first post.