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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia
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To: kfdkfd who wrote (237)5/1/1997 8:20:00 PM
From: ramlan   of 501
 
kevin,
The latest info on the convertible debentures is there is about one million dollars worth left which might take a few more weeks before it is out of the market.
I would also like to share with all of you on this thread about some articles fron newspapers and business magazines about select capital advisors(SCA) from 3 years ago until 1996. According to one of them
the company know known as SCA had changed names 5 times in the past 8 yrs before operating under SCA. One of the individuals(I don't know if he is still involved with the company or not)pleaded guilty in 1989 for federal racketeering charges, tax fraud and Securities fraud Charges. this individual was also accused of failing to tell clients that he was a convicted felon and that his business could not get financing for a majority of its clients. one of the charges made against him was securities fraud and grand theft based on charges from a stock manipulation scheme that defrauded canadian investors out of 1.7 million dollars. One article as recent as feb'96 featured comments from an assistant statewide prosecutor in Florida that there was evidence that this indiv along with another person had bilked about 250 client companies out of millions of dollars in a variety of scams. I however don't know at the present time if they were ever brought to trial on those charges and if they did what happened at the trial.
Another article from last year featured comments to the effect that SCA might be offering high risk securities without disclosing risks and that they may also be under investigation for offering securities in countries where they were not registered to do so.
As all of you know colossal has a deal with SCA on the convertible debentures. There might be two courses of action left for colossal.
1) Let SCA convert the remaining one million dollars worth of debentures which may hammer the stock down to the one dollar range again and get it over with or
2) seek legal counsel to see if there is any legal recourse against SCA if they feel that may not have been told of the chequered past of
some of the individuals who were associated with SCA(I don't know if those indiv are still with the co).
I would appreciate some input from all of the shareholders on this thread on what they think might be a good course of action for colossal in this deal with SCA
I wouldn't be surprised if SCA has something to do with the way the stock has been hammered the last few weeks.
Ramesh
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