Some questions for shareholders, current and potential. italic text pasted from the 10K/A of 5/26/99.
Who is the NIDAN Corporation of Miami, Florida and why do they get 7,746,389 of shares issuable upon the conversion of $1,195,000 of outstanding 10% cumulative convertible debentures issued by the Company??
[That's only 15.4 cents a share. Isn't that special?]
Why did they assign most of those shares to 8 people in MIchigan and have *them* file the 13D? What is NIDAN hiding?
And what the heck is *this*? The Company believes the issuance of shares to the above named persons upon conversion of the 10% cumulative convertible debentures, which debentures were originally issued to NIDAN and subsequently assigned to the above named persons by NIDAN, may violate the terms and conditions of the consent order entered into between the Company and the State of Michigan. The Company has not yet made a final determination as to conversion of the debentures without a violation of Michigan law and the consent order.
[When 10Ks contain the expression "violation of law," it's seldom benign.}
Why did HITT and SCMI management not disclose to SCMI shareholders, before the merger, that HITT was founded by a man with a prison record?
The PRs about LFT make it look like they're paying $20/share. It said they were getting "shares"; It did not specify *common* shares. Are you sure they won't be preferred shares with a conversion rate to rival NIDAN?
Who is this "Life Foundation Trust" anyway? They're making a $100 million dollar investment in a company that likes to compare itself with YHOO, XCIT, LCOS, et al, yet hitsgalore.com doesn't even build them a website?
Can anyone point me at a URL with some info about LFT? All I could find is this state of AZ page which indicates they last renewed their registration on 07-02-98, and were sent a "failure to renew" letter on 10-26-98.
sosaz.com
HITT looks like a very dangerous investment. An implosion waiting to happen. This is my unbiased opinion, as I have no position in HITT, long nor short, and will never have one. I just hate to see rich bastards ripping off retail investors via scam stocks.
...Mezz - How do you pronounce SCMI? |
