Hey Doug here's a blast from the past. And look it is courtesy of your good friend, Mr. Hope This Helps himself. I have annotated it for emphasis and for historical purposes. Do you suppose this is why they didn't want to be releasing this information in Press Releases but keep it on the web site so they can make these claims and then deny they ever made them?
By: PCModem
Reply To: 65 by DannyR
Thursday, 2 Jul 1998 at 9:10 PM EDT
Post # of 85308
Company Info From PRWT Web Page:
PanAmerican BanCorp
300 Wheeler Road, Hauppauge, NY 11788
(516) 232-2221
E-mail: info@panambancorp.com
MANAGEMENT TEAM:
John Schmitz, Chairman and CEO
john@panambancorp.com
Merv Rosenfeld, Vice President and National Sales Manager, Residential Mortgages [DEAD] merv@panambancorp.com
Douglas Taylor, Regional Sales Manager, Residential Mortgages
dtaylor@panambancorp.com [Whatever happened to him?]
Joe Sanker, Affordable Housing Ltd., Director of Belize Operations
joesanker@panambancorp.com [Is he still there?]
Fred Gill, Affordable Housing Ltd., U.S.-East Coast Sales
fgill@panambancorp.com [Surely not there]
Phil Smart, Affordable Housing Ltd., U.S-West Coast Sales
philsmart@panambancorp.com [Was he ever a real person?]
McKesson Garrett, Affordable Housing Ltd, US-Midwest Sales
mcgarrett@panambancorp.com [There was a picture of him at the open house. Suppose he is still there?]
Charles Vaccaro, Director of Access Wall Street
cvaccaro@panambancorp.com [Reported no longer in a management position. Is he even still a Director?]
Susan U, Operations Manager of Access Wall Street
susanu@panambancorp.com [Gone.]
Gayle Hefley, Creative Director
gayle@pinkpig.com [Gone]
Ron Soman, Internet Operations Manager
ron@pinkpig.com [Gone]
SUMMARY OF ACTIVITIES:
International Mortgage Banking
Through a wholly owned subsidiary, Affordable Housing Group. Ltd., PanAmerican BanCorp is the first foreign company to be licensed to
conduct mortgage banking in the country of Belize. [Denied by the Belizean Government and the Central Bank of Belize.] There is currently a need to finance 6,000 new homes in Belize of which PRWT has agreed to commit to an initial subdivision of 1,800 homes. [Two homes built to date. Have either of them been finished and sold?] Mortgage financing rates in Belize are currently 18% with a 50% down payment requirement. Under the PRWT program in Belize, homes will be financed at GNMA rates plus 5 1/2% or 11 1/4% with a 20% down payment. Loans approximate $33,000 each and the initial 500 loans will be primarily to Belize citizens living in the U.S. and purchasing retirement homes. This makes underwriting simple. Pan American Mortgage will receive fees approximating 5% and an annual 2% servicing fee on the mortgage portfolio balance. The total project in Belize will ultimately involve 6,000 homes. The company is examining establishing similar programs in other Central American and Caribbean countries. [There is no evidence that PRWT/PABN has completed ONE mortgage in Belize.]
Mortgage Banking Via Interactive Videophones
Another division of PanAmerican BanCorp will originate mortgage and equipment loans on a national basis in the United States through a network of 10,000 real estate offices and brokers using Interactive Videophones and software patented by Visual Interactive Phone Concepts, Inc. Using Visual's Videophone Mailbox Facility System, the Company is able to open virtual offices anywhere there is a dial tone. All the processing and back office work is done from the company's Hauppauge or Las Vegas office. The Videophone is a combination of a digital phone, a keyboard, a credit card swipe and a display screen for presenting text, voice and visual images. A camera, printer and fax are additional options. The videophone based at a user station is connected to a central data center and one button initiates an interactive on-line session with user friendly screens. The system replaces the need for a PC and no computer skills are necessary. In addition to the processing of mortgages, the company contemplates taking advantage of other functions of the videophone device such as providing Internet access, home shopping, on-line banking, brokerage and leasing services, spread sheet processing and viewing of vacation resorts and department store catalogues. The marketing potential of these and other products is enormous. [Did they ever even ship ONE UNIT? Why is it that the videophone division died with Merv Rosenfeld? Were they really just one man answering the phone?]
Electronic Trading - Access Wall Street
In June 1998, PanAmerican BanCorp acquired Access Wall Street, a firm that provides state-of the-art securities trading for investors. The acquisition was made entirely for already-issued shares of PRWT. [Who got those shares do you think?] Access Wall Street offers an all inclusive system that provides Level II market maker and exchange data, real-time quotes, news, charts, historical data, portfolio management and an extremely fast order execution system enabling investors by means of ECNs (Electronic Communications Network) to post bids and offers that are displayed throughout the financial community. The system provides for immediate execution on the NASDAQ as well as other listed exchanges rather than routing orders to third party intermediaries. This enables trade execution and confirmation of orders in a matter of seconds. Additionally, it provides the individual investor the ability to execute trades between the spread, achieving further savings over most currently available trading systems. Originally developed to handle high-end, large volume trading and/or institutional stock traders, today, this innovative system can be accessed via the Internet as well as through Local and Wide Area Networks, and is the most enhanced application of its type offered over the Internet. The company is dedicated to bringing the most technologically advanced trading system to the individual investor and expects substantial growth in the near future. http://www.ragingbull.com/mboard/boards.cgi?board=PABN&read=68
So let's see. Where does the whole trading division stand? No franchising document. The training arm they acquired this last spring for more shares is in limbo with their only apparent trainer and owner of the company leaving. The Boca office opened and closed. And Gold Country the broker that was executing transactions is gone.
Except for John Schmitz, it looks like their whole business plan from July of 1998 is in the toilet.
So on to e-auctions and on-line commerce, eh? With no financials filed with the SEC. HooBoy. |
