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Microcap & Penny Stocks : PCES - paid $4.75 Million by 3M Corp!!!
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To: stockman_scott who wrote (437)11/4/1999 11:46:00 AM
From: Sojourner Smith  Read Replies (2) of 523
 
From quarterly report:

The net proceeds from the sale will be retained by the Company pending a
determination of whether to engage in a follow-on transaction. The Company has
been seeking a business combination with another entity, before considering
possible liquidation and distribution of its assets. The Company believes that
with the cash on hand and net operating loss carryforwards, subject to the
limitation of such carryforwards under the Internal Revenue Code, such a
combination may be attractive to potential partners and would better serve the
interests of the Company's shareholders. As of the date of this Form 10-QSB, no
definitive agreement has been signed for a follow-on transaction. If no suitable
business combination is identified within a reasonable period of time, the
Company may elect to liquidate and distribute the remaining net proceeds to
shareholders. If the Company liquidated at the present time, all of the net
assets of the Company would be paid to holders of the Company's preferred stock.
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Interesting phrasing throughout.
A merger "would better serve the interests of the Company's shareholders."
Naturally, since Papajohn himself owns a truckload of common shares.
I am asking, why would he liquidate the company?
Wouldn't he be out all the money he spent even in October?
Seems like something is in the works, but no buying so far today.

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