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Microcap & Penny Stocks : IMAGICA ENTERTAINMENT (IMEA)
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To: Matt Burton who wrote (63)8/27/1997 5:56:00 PM
From: Matt Burton   of 93
 
Letter in the mail:

From William White, V.P.; here is the gist:

Since the Chapter 11 filing, the corp. has filed suit against Barry Boyd, Robert Wormser and Tod Lotz in an attempt to regain the stock lost when the aforementioned resigned as presidents....Lotz' appeal was denied.

"Problems with management, consultants, putative investors, and infighting among them has brought the company to its knees. The company is insolvent, although still in business. We are working hard to restore the company to profitability and long-term financial health...."

"There is a good possibility that the company can reorganize without the need of additional capital. However, we are open to the infusion of new equity capital...one of the avenues we are exploring is the possibility of returning the company to private ownership. Your preliminary opinion on this topic will influence any plan we propose..."

Any thoughts?

msb
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