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Non-Tech : UAI - Unistar - BB reverse merger that moved to AMEX
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To: Q. who wrote (117)10/26/1999 10:04:00 PM
From: RockyBalboa  Read Replies (1) of 133
 
I post the link to the story, for anyone who is interested:

cbs.marketwatch.com


On Friday, the insurer announced that it has filed
with the Securities and Exchange Commission to
delist from Amex, which was what the exchange
said it was prepared to do.

Unistar told Amex that it believes the company does
not meet requirements for continued listing.


...
The state said Unistar failed to receive premiums on time from two
affiliates. Its financial records also aren't up-to-date and don't truly reflect
the company's affairs because, for one thing, it failed to record payment of
payroll taxes timely and accurately. Unistar also paid the rent of several
affiliate companies, which is in violation of the state's "arms-length" rule if
done without regulatory permission.

...

Unistar went public a year ago and in May moved its stock to the American Stock Exchange from the over-the-counter
bulletin board. The company, which has around 24 million shares outstanding, had just 900,000 available for public
trading.

This so-called small public float helped spur a 50-percent rise in Unistar's share to a high of 61-5/8 on July 12. In the
following six trading days, however, the stock dropped by more than half on rumors of accounting irregularities. Sparks at the time blamed New York short sellers for the share price drop and said the company was ''in great shape.''

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