Ron
If they have 'been a fully reporting company for two years now', why have I never been able, despite requests, to get a copy of any previously filed reports - none of which show up on their WWW page, which I would think would be entirely appropriate? Have you? Like a 10-K for 1994 and for 1995? A proxy statement?
And you may be confused about being a reporting company - the Securities Act of 1933 and state laws deal with what you have to do to issue shares to the public, including the information you are required to supply; while the Securities Act of 1934 deals with when you have to start filing public reports with the SEC - based, among other things, upon the number of public shareholders. You can have public shareholders, but still not be required to file reports, because you have less than the threshhold amount - but you are still a public company - which in itself establishes a standard of conduct for officers and directors, and for transactions with same.
Could you obtain a copy of the legal documents related to the 1994 recission offer, and the Consent Decree with the State of South Carolina, and share them?
It sure looks like a hand-slap, but I wonder why an experienced public company executive like Mr. Carraway would even allow that to happen - it's usually not too difficult to comply with securities laws in a small company.
I'm in favor of founders being rewarded, too - so what's the problem with disclosure? Is there something to hide?
Until next time - and remember, Ron, that those who forget the past are condemned to repeat it.
Bill Fuller |
