Re: Branson
On June 22, 1995, pursuant to an Agreement and Plan of Reorganization by and among the Company, Branson and certain shareholders of Branson, dated June 1, 1995 (the "Exchange Agreement"), the Company acquired all the capital stock of Branson and its wholly-owned subsidiaries in exchange for 5,999,820 shares of the Company's Common Stock. Branson and its subsidiaries are resort and land developers located in Branson, Missouri, which owned two separate real estate properties: (i) a resort property with limited existing development on site and (ii) 178 acres of undeveloped property in Stone County, Missouri.
On November 17, 1995, the Company disposed of the resort property by forfeiture to the mortgage holder. The Company is currently attempting to capitalize on the 178 acres of undeveloped property and has no present plans for the improvement or development of such property.
The undeveloped property has been pledged to secure the repayment of (i) promissory notes in an aggregate principal amount of $1,339,792 bearing interest at nine percent (9%) per annum and due in July 2002, (ii) a promissory note in the principal amount of $60,812 bearing interest at nine percent (9%) per annum and due on demand (iii) a promissory note in the principal amount of $500,000 bearing interest at 3% above the Chase Manhattan prime lending rate and due in 2002 and (iv) convertible debentures in the aggregate principal
amount of $745,000 bearing interest at two percent (2%) per month, compounded monthly, which are convertible into Common Stock at $.40 per share of Common Stock until December 21, 1997.
Hope this helps...
Anybody hear any NEWS as to why this stock is droping like a rock?????
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