TGL WHAAAAAAAT! Alerts, thoughts, discussion. Message Board

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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: scouser who wrote (12382)	10/24/1999 10:35:00 PM
From: JD	Read Replies (2) of 150070

IBUI Anyone familiar with "Iron Horse Holdings"???? If I'm a shareholder of any company I like to see that the CEO and Chairman of the Board (Mgmt) are in the same boat I'm in; the good ole "SS Common Stock". And, the above two do own common stock. But, there is another boat tied along side: "SS Preferred Stock". And guess what, no common shareholders allowed aboard!! - the preferred has a par value per share 100,000 times larger than the common. - the 23,900 shares of preferred is owned by "Iron Horse Holdings" and "Iron Horse Holdings" is owned by the CEO and Chairman (I can't tell % of ownership - SEC document say they are "shareholders in Iron Horse Holdings" - Iron Horse Holdings did not have to pay a single dollar in cash to aquire these shares with a total par value of $2,390,000 - the company allowed them to buy the shares by simply signing a promissory note for the entire balance (which also means that the company received no funds when these were issued). - I could not find any info which explains; why these shares were issued, what is the relationship of the preferred to the common, if the preferred are convertible, or if the preferred are entitled to any dividends or other distributions. I would have a lot more confidence in the sea worthiness of the "SS Common" if the CEO & Chairman didn't have their own personal life raft hitched alongside!! This is not a recommendation to buy, hold or sell, but it is a recommendation to do DD and see if someone can find the answers behind issuance of the preferred to Iron Horse Holdings and why. My paranoia could turn out to be totally unfounded, or... Jerry

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