Of the 3,000,000 shares sold by UM Holdings, Ltd. ("UM"), 130,000 were sold to PRWW's CEO, Joel Morganroth, 322,000 were purchased directly by PRWW and 1,000,001 were purchased by a private investor named Ira Lubert. Mr. Lubert was given an option to sell 916,668 of these shares to PRWW at his purchase price of $6 per share.
From the SC 13D filed September 3, 1999:
Item 6- Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
On August 27, 1999, PRWW and Mr. Lubert entered into a Put Option Agreement, providing to Mr. Lubert the right to require PRWW to purchase 916,668 shares of the Common Stock at a purchase price of $6 per share. Such right must be exercised by Mr. Lubert, if at all, on or before September 15, 1999. |
