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Microcap & Penny Stocks : IRAE - Another sucker fish ???
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To: Kenneth R. Moss who wrote (90)5/15/1998 7:09:00 PM
From: _Highlander   of 162
 
Well, said, Ken.

As a matter of fact, I also purchased ALL of my shares thru a reputable online brokerage ( who, incidentally, has also purchased considerable shares of this turkey and is quietly going ballistic via their attorneys!). I also received TWO mailings from NIAR, one of which states directly that they are now a subsidiary of IRAE! These mailings were addressed directly to me, not thru the brokerage, said firm being the one to have forwarded the Proxy Mailings since those went to the physical holder of the shares rather than the legal owner of record.

I have discussed this with the brokerage management and they have not received any documentation for my shares (the W-9's), nor have they received any for their own holdings - which are considerable beyond their position as a brokerage. Also, without compromising their position, they shared with me that several of their clients also hold shares of NIAR and ALL are experiencing the same lack of response to enquiries.

The bottom line of that discussion was that if the June deadline for exchange of shares is not met, the guano is going into the fan bigtime! Some of us may be moving to Florida to run our new business ventures while the current rabble are vacationing in some State-operated exercise yard - if not a Federal one...
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