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Technology Stocks : Research Frontiers (REFR)
REFR 1.770+1.2%12:11 PM EST
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To: Bill Wexler who wrote (1288)7/28/1999 6:54:00 AM
From: Bill Wexler  Read Replies (1) of 50046
 
The REFR stock fraud - suspicious insider transactions.

Research frontiers has issued multiple press releases in the past claiming that insiders have been "buying stock". These claims were false. Insiders have exercised options at prices far below market by obtaining low interest loans from the company. These loans were then permitted to be collateralized with REFR stock. The loans were then paid back using the same shares - the only difference being that the shares would be counted at the market price. This would permit the insider to essentially sell his shares without filing a form 144 or form 4 as usually required by the SEC when insiders sell their shares on the open market. This deceptive and grossly unethical tactic was used to conceal insider sales while the company made false and fraudulent claims that insiders were buying. These stock-collateralized loans also destroyed shareholder value as these transactions would have the same net effect as a "floorless" convertible.

Currently, Research Frontiers has nearly $900,000 worth of these shady loans to officers still outstanding, accounting for an alarming 14% of total shareholder equity.

We believe that Research Frontiers has absolutely no economic value, and its stock has been artificially inflated through a series of fraudulent misrepresentations of its worthless "SPD technology". Research Frontiers has failed to commercialize a single product in its 35 year history.
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