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  • George Palikaras Speaks Out on MMTLP

    The wrongfully ousted ex-CEO of Meta Materials tweets a series of key facts and his advice on the MMTLP fiasco.

    Former Meta Materials CEO George Palikaras played a key role in the company’s reverse merger with Torchlight Energy, which led to the issuance of MMTLP preferred shares. Years later, investors still find themselves unable to access their funds or sell their shares.

    Palikaras recently responded to Cromwell Coulson, CEO of OTC Markets Group, which allowed unauthorized trading of MMTLP on its platform. In his tweet, Palikaras criticized several issues related to MMATF and the OTC Markets, including the extensive use of Dark Pool trading, before sharing key information about MMTLP.

    And let’s not forget in 2021 how the $MMATF turned onto $MMTLP fiasco, where the OTC proved it wasn’t just a passive bystander to market CHAOS, it was actively rewriting the rules on the fly. The OTC allowed $MMATF to trade pre-merger without management notification or consent, which also traded post-merger for over 24 hours (June 28-29, 2021) despite it NOT being DTC eligible, only to cancel it without a corporate action when they realized their screw-up. If you have no idea what I am talking about, let’s have a call… Then, as if that wasn’t shady enough, $MMTLP was born and allowed to trade for over a year without management’s consent before the OTC and

    @FINRA decided to pull a U3 halt, while simultaneously altering the corporate action at the last minute and not communicating the details to anyone, including the issuer $MMAT. It then took weeks to get even the simplest answers. I am sure there are dozens of other “unique” cases…

    His second tweet discusses the many attempts shareholders have tried to obtain the elusive “bluesheets”.

    PART 2 – Every lawyer I’ve asked has told me the same thing, there’s NO legal standing for retail investors to force the release of blue sheets. For over two years, investors in the community have been demanding accountability and transparency over what happened with $MMTLP. The problem? The entities that have the power to get the blue sheets (the critical trading records that could expose the truth) have done absolutely nothing.It is crystal clear to me: Retail shareholders filing individual lawsuits will NOT force the release of blue sheets. That’s just not how the system works. I am NO legal expert, but this is what I know (and if I’m wrong, I would be HAPPY to be corrected): 1. Blue sheets are confidential regulatory documents. They can only be accessed through specific legal channels such as regulators, Congress, or the courts. 2. Retail and other investors do NOT have legal standing to compel their release. Courts do NOT grant mass access to blue sheets because they contain private, trade-by-trade data, which is restricted to protect market integrity. 3. Class or individual actions will NOT magically unlock blue sheets. Even in securities fraud cases, plaintiffs have to clear major legal hurdles before a court would even consider ordering disclosure. Meanwhile, FINRA and the OTC act like everything is just fine… No problems here! Nothing to see, folks…[BTW, I would encourage people to CAREFULLY read (and read again) the issued FINRA FAQs, there are some interesting nuggets in them] What about Congress? We are beyond the point of just “demanding” fairness and transparency. Congress has a real opportunity to take the LEAD in reforming the system to enforce transparency and fairness in the financial markets. I already wrote in my previous post how the OTC is cancer. For over two years, retail investors have been asking the RIGHT questions, not just under MMAT/MMTLP but in many other stocks, however, they CANNOT get answers WITHOUT congressional oversight. Help is needed. Blue sheets hold the key to understanding what really happened with $MMTLP and other stocks. Yet, the OTC, FINRA and the SEC have not provided the transparency investors deserve. This is exactly why Congress has subpoena power and oversight responsibilities, to ensure that regulators are not selectively ignoring systemic market failures.Many of you have speculated about my December 2022 Trip to Washington, D.C. Here is a summary: Right after the U3 Halt in December 2022, I flew to Washington, D.C. to get answers. No one was returning calls, our counsel could not get through, and no one would explain what the so-called “extraordinary event” was that led to the halt. Complete secrecy! When I arrived at FINRA’s headquarters, I quickly discovered that all staff members weren’t even there that week. After persistent efforts with my counsel, I managed to get through to the Office of the Ombuds and spoke with Ms. Sarah Gill, FINRA’s Vice President and Ombuds. Her role, as described by FINRA, is to act as an independent, neutral, and confidential resource for addressing concerns about FINRA’s activities and employees. The Ombuds Office is supposed to advocate for fair processes while keeping matters confidential, except in cases where legal obligations or imminent harm require disclosure. The first two VERY surprising questions she asked me were:

    Am I recording this conversation?

    Am I broadcasting this conversation live on social media? I answered NO to both. But then I added: “However, please feel free to record EVERY word I will say today.” She was cordial and professional, but ultimately, she offered zero information, just a vague commitment to “look into it.” Before I left, I gave them a clear message:

    This situation will continue to ESCALATE.

    They need to FIX it asap.

    This is an opportunity to address whatever systemic failure occurred because if it is ignored, it risks eroding trust in the entire market, especially for retail investors. What do you think, did they take that message seriously? We all know how that turned out… First, an FAQ that took several months to produce. Then, a second FAQ many months later. And instead of providing clarity, they only created MORE confusion. I guess that’s what happens when you put an army of lawyers to work on FAQs, pages of words that say absolutely nothing. Makes you wonder… how much $$$ did these empty words cost in legal fees? Fast forward to 2025: With

    @DOGE and meme stocks and crypto back in the spotlight, financial market discussions have suddenly gained new URGENCY. Good! Imagine if $MMTLP had been treated with the same level of attention, maybe we’d already have the answers we need. But it’s not too late… Congress can still act by:

    Formally requesting blue sheet data from FINRA and/or the SEC to uncover potential market manipulation.

    Holding hearings on retail trading transparency to investigate the systemic issues that led to this situation, INCLUDING possible foreign influence.

    Ensuring regulatory accountability so that investors are not left in the dark. Congress has the tools and Retail Investors have done ALL the work. It’s time to bridge the gap and take meaningful action. What’s the best LEGAL Path Forward? If we assume that neither regulators nor Congress will step in to fix this (though I remain hopeful and seeing a lot of progress), then the MOST CREDIBLE path forward isn’t retail lawsuits or shouting into the void: It can be through the $MMAT Bankruptcy Trustee! The Trustee has the AUTHORITY to investigate financial misconduct, subpoena records, and compel testimony. They can file lawsuits, recover assets, and challenge improper transactions, especially if they harmed the bankruptcy estate. As we all know, they have been actively investigating potential stock manipulation and fraudulent transactions for the past three months. That said, obtaining blue sheets is NOT automatic. Regulators would have to voluntarily provide them or be compelled by a court order. However, if securities fraud or stock manipulation is proven to have harmed the estate, the Trustee has the POWER to take legal action, subpoena relevant parties, and seek damages for the benefit of creditors and shareholders. Final Thought: The real fight is underway. This isn’t speculation. This isn’t wishful thinking. The Trustee has already publicly declared that a litigation team is on this, and I’m confident it can yield real results. For months, we’ve heard “Nothing can be done.” But here’s the reality: Something is already being done. The Trustee has the legal authority to subpoena records, investigate misconduct, and take action, and they are already moving in that direction for not just one, but up to FOUR CUSIPs: $MMAT, $MMATF, $TRCH, and $MMTLP… and a lot more… This isn’t over.

    #Transparency#MarketFairness P.S> GENSLER KNEW, COOK KNEW… which begs the question, is “investor protection” just an empty slogan?

    Palikaras clearly outlined the entire #MMTLP fiasco and shared his perspective on the various efforts to obtain blue sheet data—critical trading records that shareholders believe could prove MMTLP was oversold.

    An AI summary of his tweet:

    The tweet argues that retail investors have no legal standing to force the release of blue sheets—confidential trading records that could expose market manipulation related to MMTLP. Despite over two years of demands for transparency, regulators like FINRA, the SEC, and the OTC Markets have taken no action.

    Key Points:
    Legal Barriers: Courts do not grant broad access to blue sheets due to privacy and market integrity protections. Individual or class-action lawsuits won’t compel their release.

    Congress’ Role: Congress has the power to subpoena blue sheets and oversee regulatory failures but has yet to act decisively.

    Washington D.C. Visit: After the MMTLP trading halt in December 2022, the author visited FINRA’s headquarters but received no substantive answers, only vague assurances.

    Regulatory Response: FINRA issued delayed FAQs that created more confusion rather than clarity.

    Current Market Climate: With meme stocks, crypto, and retail trading under renewed scrutiny in 2025, the urgency for financial market reforms is growing.

    Path Forward: If regulators and Congress don’t act, the most viable legal option is through the MMAT bankruptcy trustee, who has the authority to investigate stock manipulation, subpoena records, and take legal action.

    Trustee’s Investigation: The bankruptcy trustee has already been investigating potential financial misconduct for months, focusing on MMTLP and related stock symbols.

    Conclusion: The fight for transparency is not over. The trustee’s legal authority to investigate and take action provides a real opportunity to uncover the truth about MMTLP and broader market manipulation.

    SUMMARY OF GEORGE PALIKARAS X TWEET

    After a long period of silence—likely due to NDAs or legal constraints—it’s refreshing to see George Palikaras speaking out and sharing his perspective on the situation.

    I’ve met George before. He is a decent man. He founded Meta Materials himself but was ultimately forced out of his own company, which has since declared bankruptcy and is now essentially shut down. It appears that both George and the company fell victim to the same forces that wronged MMTLP shareholders.

    The entire situation is deeply troubling, and we appreciate that George continues to fight for transparency and accountability.

    The country needs DOGE to investigate MMTLP/MMAT and expose widespread stock market fraud, starting with FINRA and the SEC. Investors have already waited more than two years for this investigation. Let’s get moving.

    The full part 2 of George’s tweet is embedded below.