This is from the Stockman newsletter: (I think it is OK to post here... Mitch)
>LeRoy,
>
>I learned some things today. Tim Murray has been charged by the sec
>with manipulating stocks. He is the owner of a financial PR firm. All
>the stocks that are represented by his company are taking a hit and
>the companies are tring to cancel contracts. However, in the PR business
>the company is paid in advance with stock and cash at the contract
>signing and no refunds are given. Several companies represented by
>Tim Murray are reported to be planning law suits alledging that he
>dumped stock to force the price down, bought stock and started PR to
>move the price up. Tim Murray owns "Corporate Investors Relations"
>the company representing NIAR. Max Cawal (CEO,NAIR) is breaking
>ties with them even though he feels that NIAR stock was not
>part of the alledged scam. NIAR is no longer communicating with
>Corp IR and that is hurting the price. A former employee of
>Corp IR brought the business to them because of a person friendship
>with Max Cawal, he has left Corp IR and started his own firm and
>will probably represent NIAR in the future, a contract is close
>I think. This is probably a huge opportunity to position stock
>during this weak period.
>
>
>LS, This note came to me from Hot Stocks Forum:
>
>=== We are passing this along from Hazlet ... however, we will step in here
>to note that this appears to be a major movement forward. It was their
>inability to find anyone to purchase the notes that got NIAR in difficulty.
>This was one of the situations with the old management which was not
>disclosed to the Forum when the pick was underway ..... In fact, the
>problem was that the more the company sold, the deeper in debt it became
>because it was taking on debt not just future revenues.
>
>The other situation was that the SEC had not accepted the value of its
>artwork ... by selling that artwork for shares, that should enable the
>auditors and the SEC to accept the valuation ... assuming the shares have
>that value!
>
>With this hurdle out of the way ....
>
>
>
>----------------------------------------------------
>Subject: NIAR News Release
>
>Hi LeRoy,
>
>Just spoke with Jim Kelly, who is/was performing investor relations for
>NIAR. Jim has had a call into NAIR for a couple of days now and mentioned
>that there was some delay in trying to get information directly from the
>source. I guess the company wanted to get the following news release out
>before returning his call. Please note the new Shareholder Relations contact
>number (at the bottom of the news release) reaches Richard Diamond, newly
>nominated director and named vice president and secretary. I have placed a
>call to Richard to confirm if this announcement is the "letter of guarantee
>from a large capital source" as mentioned by the PositionTrader.
>
>Paul
>
> North American Resorts, Inc.
>
>For Immediate Release Trading
Symbol: NIAR
>November 14, 1996 Electronic
>Bulletin Board
>
>Orlando, FL North American Resorts, Inc., a publicly traded vacation
>ownership management company located in Orlando, Florida, announced today
>that it has completed an agreement with a California based lender to
>purchase north American's promissory notes generated from its membership
sales.
>
>Max P. Cawal, Chairman of the Board of North American stated, "This
>financing comitment is an integral part of our business plan to firmly
>establish North American as a leader in the vacation membership sales
>industry. With this financing commitment in place it is the Company's
>intention to reinstitute the marketing of its timeshare project at Cypress
>Island during the fourth quarter of 1996. It will also provide the Company
>with the ability to continue in its ongoing negotiations on several other
>timeshare and financing related projects which will hopefully enable the
>Company to apply for a listing on Nasdaq in the near future."
>
>North American is in the business of marketing vacation club memberships,
>timeshare sales, resort development as well as its 80% ownership in a travel
>services company, North American Resorts Travel, Inc. North American also
>operates a tourist attraction near Orlando, Florida, Called Cypress Island.
>Visitors travel to Cypress Island by airboat and may explore the island and
>its over 20 species of animals by, horseback or golf cart.
>
>On October 29th, 1996, North American closed a transaction with Channel
>America Broadcasting, Inc. (Channel America) wherin North American sold
>artwork prints with a book value of $1,000,000 in exchange for the issuance
>of 50,000 shares of Channel America Series C Convertible Preferred Stock.
>
>The corporate offices of North American have been relocated to 1509 South
>Florida Avenue, Suite 3, Lakeland, Florida 33803.
>
>For more information, contact: Shareholder Relations, (941) 688-4666
>
>
>reply: Paul, my goodness, I called NIAR at the 1-800 number that TPT
>supplied and when I talked to the IR guy there, he said he'd been
>trying to contact NIAR all day. I told him about the $100m. He told
>me I was the 4th person to tell him because he hadn't heard from NIAR.
>I think they got the cold message....LS |
