LifeOne, Inc. (OTCBB:LONE) [formerly National Affiliated Corporation (NAAC)] is a Life and Health Insurance holding company committed to the acquisition and consolidation of insurance companies, mainly those with a clear potential for a high return on investment from immediate cost reductions, and timely marketing of profitable niche products.
In the Fall of 1997 they were trading well over $2.00, today the stock is just a little over a dime. So what has happened over the last year or so?
We haven't seen financials since February 1998. Audited 1997 annual statements have never been published due to a disagreement with and the eventual resignation of a newly hired auditing firm. They had no disagreements with their previous auditor (Deloitte & Touche LLP). In August 1998 they retained a new firm to audit the financials. The financials have been audited and are ready for release but have not been due to two lawsuits.
In July 1998 LifeOne filed a lawsuit in California against several entities and debenture holders for alleged stock manipulation and illegal shorting of the stock. In retaliation for this suit, three of these entities and debenture holders filed an involuntary bankruptcy suit in Louisiana against the company in August of 1998.
In February of 1999 it was announced that the company has settled with 2 of the 3 debenture holders who had initiated the involuntary bankruptcy suit. Details of the settlement have not been released yet.
On the positive side, this company's previously released financial showed great improvement with the merging and restructuring of their operations. LifeOne has several previously announced ERISA contracts that add greatly to their bottom line. They have the backing of First Madison Securities of New York and are being advised by Conseco Capital Management. Prior to the lawsuits they had been aggressively pursuing several acquisition candidates.
The stock price has been depressed for many months now. Many things are yet to be resolved, but this could be the bottom of the curve. Come on in and read more about the stock. There are many tales to tell and this stock has been interesting to say the least.
Other information can be found on the NAAC thread
(https://www.siliconinvestor.com/subject.aspx?subjectid=16886)
or the LifeOne website (http://www.life1.com).
You can contact investor relations at jayne@life1.com or at 888-984-0800.
Past SEC filings can be found at freeedgar.com
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