Well here is one for the books.
NRPI National Residential propertice inc (formerly National Rehab properties inc)
Once upon a time touted by Mark Schultz...
Ok. Board of Directors consist of three people
Richard Astrom, his son Chris Astrom, and a new guy named Braulio Gutierrez (who joined after he merged 80% of his encore builders which I have never found anything they built or any assets)
Now...
When they (nrpi) merged with encore, they (nrpi) assumed a $1 million debenture that Encore had.
Long story short, they issued a press release sayig they estimated it would take 6 million shares to get rid of the Debenture.
then they subsequently issued them 28 million shares in June (they even issued a press release saying that the volume for june was incredible, and that the O/S as of a certain date was 30 million (even though it was a date several days weeks before the press release) knowing full well that the O/s was about to jump to 50 million and that the common shares being issued were being dumped by the debenture people...
Ok.
also at that same time Richard astrom was loaned $302,000 at 8% from NRPI (Keep in mind he and his sone control the company. The shareholders get no say)
Later, he converted the $302,000 loan into a management fee...
So...
Now we move into September.
Richard Astrom and His son Chris form a new Nevada Corp called "2217 Acquisition inc."
Suprise..
In Novemeber NRPI and "2217 Acquisition inc" agree to merge and 2217 Acquisition is granted a convertable debenture for 1 million Dollars earning 8% interest maturing in 2002.
Ok...
So..the deal struck is that $300,000 is given up front, and the remainder to be paid later (less interest and financing fee which brings proceeds down to $795,000 meaning 2217 still has to give another 495,000)
What a sweet deal for Astrom, EH...
Of course, Astrom neglected to state what the conversion formula is in the 8K
this is the 8k:
freeedgar.com
Even if I am to assume that the conversion formula isn't floorless...
At the current 2 cents...well...
Oh and just for kicks they bumped the authorized up to 250 million shares...
Even though they juest recently raised it to 100 million from 40 million..
Final thought...They (NRPI) did a reverse split in Jan 1999 leaving only 1.6 million o/s..
Oh one other thing they did...
Rather than file their SEC filings last February to remain listed on the OTC, they instead merged with an Aaron TSAI blank Cheque shell company giving him 1 million shares..(Aaron paid some $90 (yes ninety) to form that corp
And of course the NRPI longs on RAGING BULL think I am a basher and that NRPI is wonderful....
ANy thoughts? |
