WGCH = Worlds Greatest Communications Hoax
Sources say pump and Dump stock promoter Michael Metter and Jeff Weber had changed the name of Map VI Acqusitions (which Owns WGCH) To Blue Star Media, Because Of Plans To Earn A Fortune By Taking The Company Public.
Map VI Acquisitions Also Owns Bussiness Talk Radio has an Employment Agreement with Jeffrey Weber, dated as of May 16, 2005 (the “Weber Agreement”) whereby Mr. Weber will serve as Executive Vice President of the Company.
In consideration for his services, Mr. Weber will receive cash compensation (aproxamately $135,000), pursuant to the terms of the Weber Agreement as well as health insurance, expense reimbursement and an automobile as well as a cash bonus, if certain milestones in the Weber Agreement are met.
The Weber Agreement is renewable yearly and expires on January 31, 2008.
The Weber Agreement was verbally renewed for two years as of December 2007.
Jeff "Jeffrey Jay" Weber was the program director of WAZY-FM in Lafayette, Indiana before hooking up with Queens born stock scammer Michael Metter and becoming the Executive Vice-President/part owner of the Business TalkRadio Network and the Lifestyle TalkRadio Network in Greenwich CT, a position he has held since 2002.
In 2002 Micheal Metter aquired Greenwich radio station WGCH for $1.1 million.
Previous to that Metter had declared bankruptsy in 2001.
Before that Metter ran First Cambridge Securities (which he once named “J.J. Morgan & Co.” )-a penny stock firm, and has been running classic pump-and-dump penny stock scams for years.,
Metter quickly made WGCH the headquarters for his two 24/7 national radio broadcast networks -- Business TalkRadio Network and Lifestyle TalkRadio Network.
Together, the two networks' syndicated programming is carried by more than 850 radio stations throughout the country. It's all transmitted from a small room packed with high-tech equipment in the unassuming WGCH headquarters, which is tucked on the second floor of a lewis street building.
Metter's tenure hasn't been without controversy. When he took over WGCH and replaced some local programming with syndicated shows from his networks, there were immediate critics -- some going so far as to picket in front of the station.
They also Fired the "Voice Of Greenwich" Jim Thompson, whhich caused the money losing radio station to lose even more listeners.
Overall, Metter and Business TalkRadio's executive vice president, Jeff Weber, have tried to gain favor with local politians with weekly shows featuring Greenwich First Selectman Peter Tesei, Stamford Mayor Michael Pavia, Gov. M. Jodi Rell, state Attorney General Richard Blumenthal and Sam Romeo, a former Greenwich RTM delegate and failed FFirst Selectman canidate who hosts a weekly WGCH talk show called "Greenwich Matters."
When the tempormental Michael Metter took over the station there was some apprehension from the community.
John Becker, the station's former owner, did a tremendous amount for Greenwich with WGCH, but Metter and Weber claimed they were "bring a professionalism to WGCH"
Little did anyone know that Metter and Weber have jeapordized WGCH's future with their Map IV aqusitions worthless stock.
Besides acquiring two national networks, Business TalkRadio also sealed a deal to buy the Long Island station it currently operates, WCTE 540 AM, for $9 million.
Metter had plans to take Business TalkRadio public this year and use the proceeds from an initial public offering to line his a Jeff Weber's pockets, but unfortunately he was arrestted Tuesday by the FBI in another penny stock pump and dump scheme.
Drumming up excitement for a radio broadcast company is a challenge for a legitimate radio business, because there is not much Wall Street interest.
Broadcasting companies that have had success on Wall Street have focused on niche programming. For example, there's been some backing for Spanish-language broadcasters.
The independent syndicators had a tough time for a while, especially since the consolidation of radio began in 1996. The industry is dominated by ABC Radio Networks, Westwood One and Premiere Radio Networks, owned by Clear Channel Communications.
For independent syndicators like Metter, the mega-companies are competitors that own their own networks, as well as hundreds of radio stations, and often put their own programming on the air.
There are sever limits the market for the independent like WGCH and the Business Talk radio.
Metter and Weber intended to tell Guilable investors that the Business TalkRadio and,the Lifestyle TalkRadio, filled niches that would make them rich.
And after decades on Wall Street as a penny stock con man, Metter is convinced that he has a narrow-enough niche to float a successful pump and dum0p scheme. It's all about the story when you are going to sucker investors.
On Wall Street -- he was president of a penny stock brokerage firm called First Cambridge Security.
Radio has been a constant in Metter's life. Even during his Wall Street pump and dump career he had owned two small radio stations outside of Albany. It was there that he met Weber, the man he recruited to be his second-in-command in this newest venture pump and dump venture..
In 2001, Metter began seriously thinking about making radio a full-time venture, he met Michael Pisani, the owner of Business TalkRadio Network, which has about 200 affiliates.
Pisani, who lives in Short Hills, N.J., had taken the network out of bankruptcy and wanted pump and dump penny stock broker Metter to partner with him.
For the first year, Metter kept the operations in Chicago, but ran the business out of his Greenwich home.
He wanted to bring the entire business to the area, but he couldn't do it without a radio station, because someone had to run the board for the network.
Money losing WGCH was the perfect solution. One of the first things Metter and Weber did was negotiate to buy WGCH.
In a matter of months Metter and his team brought the tiny Chicago operations to Greenwich.
Metter transferred special circuits and technology from its Chicago studios.
Then, last December, Metter and Weber made their small radio business bigger by buying Liberty Broadcasting Network, which was owned by telecommunications company IDT Corp.
The deal gave Business TalkRadio certain assets of Liberty Broadcasting, including the network's 400 affiliate agreements and host contracts.
IDT, a publicly traded company whose core business is telecommunications, made actually had to pay metter and Weber to buy the money losing radio network.
IDT made $2.5 million investment in the Business TalkRadio Network and become a minority shareholder in the penny stock company.
In industry and other newspaper interviews Jeff Weber explained his involvement in the money losing broadcasting business that just kept getting bigger and bigger.
"The acquisition had a tremendous upside for the business,"said Weber.
"We had talked for a long time about creating a lifestyles radio network," said Weber.
"Starting from scratch is very expensive. By buying an established network with affiliates and personalities in place, it is quite easy to expand it into a 24/7 network," Weber said.
Metter and Weber expanded the programming and named the new money losing sister network the Lifestyle TalkRadio.
With two networks and plans to go public, Business TalkRadio was now looking for a bigger headquarters. The old WGCH building was full, and would not let stock promoter Metter bring the Lifestyle network's studio operations from a the Long Island station that had been part of the deal.
Penny stock promoter Metter needed both of the networks in a nice Greenwich office if he was going to put on dog and pony shows for the guliable investors that he and weber planed to sucker.
Jeff Weber knows very well that the whole house of cards that included WGCH was losing over 1 Million Dollars a year for at least the last four years.
This old WGCH facility was antiquated and very hard to imprss guliable investors with.,so his goal is to bring all the networks operations under one new fancier office space.
It's been a challenge because commercial space in Greenwich commands a premium price and he's unable to move WGCH outside of town because of licensing, he said.
The radio industry was changing, because of the advent of satellite radio.
But neither Metter nor Weber sees satellite as a threat, because they were going to make a bundle when they dumped yheir penny stock shares.
Metter and Weber know that radio is no longer a good investment and their radio holdings have been losing a lot of money for years.
As kids get their music not necessarily from FM radio, but through iPods and MP3s, Industry insiders say that will eventually hurt FM ratings and revenues in the same way that AM radio has sought to control costs and fill air time with syndicated talk radio
Penny stock promoter Metter told the press that ...
"We believe our lifestyles will be appropriate for FM stations," he said. There is, in fact, some changes already starting. It is becoming difficult for music stations to compete. Some FM stations are developing talk- and personality-oriented programming rather than music."
Penny stock promoter Metter argued that he had identified a trend that would help him sucker investors and will propel his small company into a big time bankruptcy as he laugh all the way to the bank with Jeff Weber.
WGCH, although a tiny private business, has become very much part of the backbone of the conmans plans.
Here Is A Little Information About Map V I Acquisitions that Jeff Weber Owns 460.000 shares valued at .0001 cwnts acording to SEC fillings.
This is a company run by Metter and Weber have recently changed its name to Blue Star Media
Radio Broadcaster Goes Public By Reverse Merger
Businesstalkradio.net Inc., a company that produces radio programs broadcast nationwide, reverse merged with the Form-10 shell company Map VI Acquisition Inc.
Map VI issued all of its 72.3 million shares to Bussinesstalkradio.net not long ago.
The Stamford, Conn.-based company has about 1,400 affiliate radio stations that broadcast its 40 original programs on finance, investing, health, and entertainment. It emerged from bankruptcy in 1999.
The company had $2.6 million in revenues in the first nine months of 2008, which was mostly generated from advertising. Revenues were down more than 9% from the year-earlier period.
The company had a net loss of over $1 million during the 2008, compared with a loss of $1 million plus loss in 2007.
The company also lost over i million dollars on 2009.
Richard Friedman with the law firm of Sichenzia Ross Friedman Ference advised on the merger.
Director Michael Pisani owns almost 32% of the company's stock. CEO Michael Metter owns about 12%. Director Frank Lazauskas owns 10% personally and 7% through his company FJL Enterprises.
Here Is Some More Info On Jeff Webers 460,000 shares of Map VI Aqusitions
Map VI was created by Mercantile Capital Group in 2007 with the assistance of New York law firm Mintz Levin Cohn Ferris Glovsky and Popeo.
In January 2008, Mercantile sold the shell, as well as Map V Acquisition Inc., for $30,000 each to Highland Global Partners, based in Dix Hills, N.Y
The Company has since changed names to Blue Star Media.
BusinessTalkradio.net has filed a won a lawsuit against Metter non-payment of monies offered in financing offered by RM Enterprises . This is a major red flag.
With shares being issued to RM Enterprises by each of these shells, to what guarantee do we have that money actually exchanged hands between the financier and the companies?
RM Enterprises also is involved in the sponge Tech pump and dump con, that got Metter arrested by the FBI
The financing of SpongeTech does not show clearly where the $12 Million they supposedly received was used.
WGCH and the Business Talk Radio were always cash poor despite the infusions of monies.
From 8-K filed for Map VI.
Metter is CEO
On June 25, 2009, Map VI, Acquisition, Inc. (the “Company”) and its wholly owned subsidiaries, Lifestyle TalkRadio Network, Inc., Greenwich Broadcasting Corporation (WGCH), BTR West II, Inc., BTR Communications Boston II, Inc. and WURP East, Inc. (collectively, the “Subsidiaries”) entered into a loan and security agreement (the “Agreement”) with RM Enterprises International Ltd. (“RM”), whereby it sold to RM a secured convertible promissory note in the principal amount of up to $6,000,000 (the “Note”).
The Note is convertible at any time at the option of the holder and will become due and payable on June 25, 2011.
That's why Metter And Weber were Getting WGCH ready For an IPO later this year.
The Note is convertible based on a formula whereby RM can convert the Note into two-thirds of the number of shares of the Company’s common stock on a fully diluted basis. RM also received warrants to purchase 15,000,000 shares of the Company’s common stock, with an exercise price of $0.01.
The term of the warrants is for five years from the date of issuance.
The Note is guaranteed by the Subsidiaries of the Company (i.e. WGCH) pursuant to a subsidiary guaranty.
Proceeds from the sale of the Note to RM will be used towards the payment of the Company's obligations under an Agreement and Settlement and General Release (the “Settlement Agreement”) which is described in more detail below.
To Our Shareholders:
NOTICE IS HEREBY GIVEN that the following action will be taken pursuant to the written consent of a majority of the shareholders of the Company dated June 3, 2009 (the “Record Date”), in lieu of a special meeting of the shareholders. Such action will be taken on or about September 2, 2009:
1. To amend the Company’s Certificate of Incorporation to change the name of the Company to Blue Star Media Group, Inc.
2. To amend the Company's Certificate of Incorporation to increase the number of authorized shares of Common Stock, par value $.0001 per share (the “Common Stock”), of the Company from 75,000,000 shares to 250,000,000 shares. (the “Increase”).
Violations in Federal Laws
After showing a pattern of evidence that inter-twines this close network of people into common companies and common funding services (Most notably RM Enterprises International) it appears that several laws could be violated:
Money Laundering: What is the source of RM Enterprise finances?
The company originates off an individual (Metter) who filed for personal bankruptcy in 2001, Lazauras who’s prior work experience appears to be owner of 3 domino’s franchises, and Moskowitz who is the other con man arrested with Metter.
Where is the initial money investment into all these shells?
It looks like within these companies the monies made by the businesses are likewise transferred back out of the company and into these entities.
Pump and Dump.
None of these companies (Map IV Aqusitions, Blue star Media, Business Talk Radio, Lifestyle Talk Radio or WGCH) make money but each has had opportunity to hype up an event long enough in an effort to let major shareholders, like Jeff Weber, dump shares once an IPO was issued.
This is a very close network of con men where a majority of their public filings are associated with a change in the stock of this company.
Whether it is to increase the authorized shares or execute Reverse splits, forward spits, or stock dividends, the focus is on shares and how to maximize the profits off those shares they issue to themselves.
This is a first attempt at looking into this complicated network of people.
Greenwich Roundup can not even guarantee that he touched all bases of which guys like Jeff Weber are involved.
The various financing arms that Metter and the others use can not be found in internet searches where they have been involved in any dealings outside of dealing with themselves.
That certainly is a red flag that says that WGCH has truely earned it's nick name - World's Greatest Communication's Hoax.
Please send your comments, news tips and press releases to GreenwichRoundup@gmail.com
Please Note That: 20,000 shares of Common Stock held by Jeff Weber are held i/t/f Mark Weber.
The Getting Ready Pump And Dump Quote Of The Day:
The Company’s Board of Directors unanimously adopted a resolution approving, declaring advisable and recommending to the shareholders for their approval, an amendment to the Company’s Certificate of Incorporation, as amended, to change the name of the Company to Blue Star Media Group, Inc.
The Board of Directors believes the name change would be in the best interest of the Company as the new name better reflects the long-term strategy and identity of the Company. While the “Map VI Acquisition, Inc.” name has served the Company over time, the Company’s management believes this opportunity presented the right timing to change the Company’s name. Management also believes that the new name effectively conveys the Company’s independent identity and direction as a publicly traded company.
To better reflect our new business direction, our board of Directors and the majority of our shareholders determined that we should change our name to Blue Star Media Group, Inc.