I've been trying to figure out who they bought the stock from. My quess, and it is only a guess, is that the shares came from Frank and Julie Erhartic, the two primary owners of Lynchburg.net, the ISP acquired by SYTE in November. SYTE issued 12,437,985 shares at the close and Frederick Manlunas and Clinton Salles purchased 12,169,492 shares on December 27, 2000. Neither Frank nor Julie Erhartic ever filed a Form 4.
Assuming that these were the shares, what is interesting is that the shares that were purchased by Manlunas and Salles for $.0448 each were valued at $.20 for the purpose of valuing the acquisition in November. A 78% haircut in one month. It makes you wonder what Lynchburg.net is really worth.
OT. I noticed that you were born in Oak Lawn. I grew up at 84th and California, a mile or two from the Unabomber. As you probably know, we have had a brutal winter. Must be nice in sunny Naples. |
