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Microcap & Penny Stocks : HITSGALORE.COM (HITT)
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To: Mighty_Mezz who wrote (3621)8/23/1999 9:45:00 PM
From: Q.  Read Replies (1) of 7056
 
This business of Reed lending his shares to LFT is pretty weird. I don't remember ever seeing anything like it in an SEC filing. I wonder whether these shares were restricted, or whether Hitsgalore must register them? Must they register them by a particular date?

More questions: how many ways can this scheme go wrong? For example, what would happen if LFT is were unable to pay the cash it owes Hitsgalore -- would Hitsgalore lose the recourse of canceling the shares that they issued to LFT because they weren't issued directly, but instead were given to LFT by a third party (Reed)? Another example: what would happen if the Chairman were to die before his shares are replaced. What would be the status of the shares that he lent to LFT? Would his estate try to claim them? What would that do to Hitsgalore's business prospects?

I wonder if Reed got legal counsel before he did this? Maybe not, if he is in the habit of representing himself, as in the FDA suit against him.
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