I re-read stock transactions. It appears CCIC has received 11 million shares and approx. 8+ million were sold in 99. CCIC is a MBHC subsidiary and ceased operation in 98.
A total of 22,092,160 shares were issued to a subsidiary from 98 to 3/00. I was able to account for 11 million. In my opinion, it appears that previous management received the shares and sold the shares. Legal troubles (bonds/notes) appear to be linked to CCIC. Below are some excerpts for filing.
"Two (2) former officers of Mortgage Bankers Holding Corporation, were the subject of an investigation proceedings by the Securities and Exchange Commission. No formal proceedings or actions / proceeding where instituted as the date of this filing. The Company (under new management has redeemed that bonds/notes which where the subject matter of the investigation."
"The wholly owned subsidiary (Commonwealth Capital Investment Corporation) will be dissolved upon completion of
the redemption."
Issuance of stock to subsidiary 11,000,000
Issuance of stock to subsidiary 2,320,000
Issuance of stock to subsidiary 7,000,000
Issuance of stock to subsidiary 1,772,160
Total issuance 1998 to 3/00 = 22,092,160
"During 1999, 11,000,000 shares of common stock were issued to CCIC, a wholly owned subsidiary of the Company. As of December 31, 1999, CCIC had sold 8,680,000 shares. The 2,320,000 shares that have not been sold as of December 31, 1999 are shown as treasury shares in the statement of stockholders equity (deficit)."
A person who terminated their employment in 99 works as a senior consultant for NICM. (JC) It appears someone from previous management received alot of shares via CCIC and sold in 99.
Did previous or current management release false information regarding GFP and MBHC's book value in order to sell shares received by CCIC? If GFP was sold in 1998, why release GFP news in 1999?
Part of statement above:
"No formal proceedings or actions / proceeding where instituted as the date of this filing."
My question is, Are their any potential actions that would affect NICM? Is the SEC satisfied with the redemption of bonds/notes? If we recieve approval, then yes but if we go pink then ????? At this point I will expect the worst and hope for the best. |
