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Microcap & Penny Stocks : GIFS
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To: Bob Walsh who wrote (5657)4/29/1997 5:38:00 PM
From: Bob Walsh   of 8012
 
Law suit issues follow - up:

Form 10 filed with the SEC August 12, 1996 under Legal Proceedings states: CRIC is the subject of a Cease and Desist Order not to conduct regulated insurance business in the States of Delaware, Tenn. or Florida (no mention of Nevada).

GIFS position (and statement) was to the effect that they do not conduct regulated insurance business, that their surity business is unregulated and that they do not have to abide by the the Cease and Desist Orders.

BOTTOM LINE: There is nothing new here. This is old hat - but Tenn. is flexing their muscle. It will be up to the courts to decide whether their surity business is subject to regulation or not - but this risk is not new, it has been known to anyone who cared to read.

Regards,
Bob
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