Anthony Tobin seems bitter. Perhaps it's for getting replaced as top puppet at ZSUN by Scott Elder or perhaps it's the following.
"In August 1998 the Company's subsidiary, Momentum Asia, Inc. made a loan of $70,000 to Vulcan Consultants Limited, a British Virgin Islands Corporation, which loan was due and payable in one year, in cash or securities acceptable to Momentum Asia, Inc. In December 1998, Vulcan Consultants delivered as full payment of said loan, 65,000 restricted shares of the Company which Vulcan Consultants received as the sole shareholder of Momentum Internet Incorporated, through the acquisition by the Company of Momentum Internet Incorporated Mr. Anthony L. Tobin, the President of the Company is the sole director of Vulcan Consultants Limited and has sole voting power over the shares owned by Vulcan."
So Tony borrows $70,000 for a year. 5 months later, he pays it back with 65,000 shares of ZSUN, or put another way he sold the shares for $1.076 each(pre-split). Of course they were restricted and would have some discount to market, but gee, those shares would be worth $1,137,500 today, "if only he had held." I guess Tony didn't have a lot of confidence in ZSUN being in business by the time his stock got unlocked. You would think he might have at least waited a few more months into the loan agreement but I guess he knew the kind of rig the players here were running and he wanted the sure thing.
CMB |
