Re: 3/23/01 - [IFTP] From basher suit to class action suit
Recall the CEO of IFTP, Daniel Hoyng, in a series of classic anti-basher posts on Raging Bull, assured shareholders he would sue "LBJ_n_Aruba" and the web site StockPatrol.com. Oh how times have changed. The turning point was the following (heavily edited) Chairman's Message posted today on IFTP's web site:
All of you are aware that the Company reached its maximum authorized shares of Common Stock back in January 2001... The Company had planned to undertake a stock buyback plan in February, but... The Company needed a minimum of $7,000,000.00 in additional capital and... On March 22, 2001 it received the majority consent to increase the authorized shares... the officers and directors collectively exercised options valued in excess of three million eight hundred thousand dollars for over sixty million shares of Common Stock... Of all the options exercised by the officers and directors the Company will register 46,043,527 shares... The Company also will register approximately sixty million shares for Altea and Thomson Kernaghan... The Company is also registering one hundred and twenty million shares for Gorda Investments... A small amount of additional shares have been registered for certain consultants to the Company...
infotopia.tv
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Here's just a small sampling of the hundreds of nasty reactions:
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By: peach47
Reply To: 311935 by YTWOKTRADER01 $$$$ Friday, 23 Mar 2001 at 10:36 PM EST
Post # of 312764
A class action suit is coming! It's already being looked into!
ragingbull.lycos.com
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By: goldfinger100 $$
Reply To: 312070 by late4golf $$$ Friday, 23 Mar 2001 at 11:14 PM EST
Post # of 312549
LATE4golf Are you saying I should not be mad when somebody steals from me.Your the A hole if you gladly give your money to what ever thief comes along.This is not investing when every word out of the ceos mouth is a lie.When the ceo pumps up the stock so he can sell all his shares.When he puts all the cash in his pockets and uses stock to pay the bills.This Dan H belongs in prison to protect society from this predator.And late4golf you call me an idiot invester for being in this stock,WHAT DOSE THAT MAKE YOU??
ragingbull.lycos.com
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By: YTWOKTRADER01 $$$$
Reply To: 312105 by LBJ_n_Aruba $$$$ Friday, 23 Mar 2001 at 11:21 PM EST
Post # of 312559
LBJ- my humble apologies to you!!! I never ever thought you would hear me say that, but I believe now, that you have been right all along in your dubious stance on this company...
It is hard to believe the SEC has rules, even in Navada, that will allow insiders to dump all their stock, then dilute the common by issuing preferred stock that has 20:1 voting rights, so they can do whatever they want over the wishes of 190,000,000 common, SUCKER SHAREHOLDERS like us!!!
ragingbull.lycos.com
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By: Profitman69
Reply To: None Friday, 23 Mar 2001 at 11:49 PM EST
Post # of 312636
Do you want to make a difference. Take a stand and try to help the next sucker. We have been suckered, so I say we take action. I have copied and pasted all Dan's postings and sent them to SEC.
sec.gov
ragingbull.lycos.com
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By: lidocera $$
Reply To: 312485 by JPack2 $$$$ Saturday, 24 Mar 2001 at 1:02 AM EST
Post # of 312590
HELLO ALL
IF YOU ARE INTERESTED IN JOINING A CLASS ACTION SUIT AGAINST IFTP, PLEASE CONTACT ME AT lido cera @aol.com...thus far, about 15 people from the aol message board have indicated an interest in this...i cannot fathom management voting themselves $5 million in stock options...mr hoyng has been very vocal on this thread, to his detriment...in any event, if you are serious in pursuing this, please let me know...i will be discussing this issue with attorneys beginning monday to see what kind of case we investors have...i am not doing this soley for monetary purposes...i bought because the company issued a communication stating a share buyback program and gave a date of the commencement of this..instead, we got 100 million shares or so put to us..i for one was not asked to vote and i hold 200,000 shares...i look forward to hearing from any interested individuals
ragingbull.lycos.com |
