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Pastimes : The Perils and Pitfalls of Investing With "Friends"
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To: Bill Ulrich who wrote (97)10/27/2004 2:08:43 AM
From: Intrepid1  Read Replies (1) of 377
 
Bill, Michael did get back 90% of his money on his 419 investment. A 419 is a blank check company. By law, a blank check company must deposit 90% of the investor's money in trust while using up to 10% for admin and legal expenses. In the case of the 419 Michal Daniel invested in, the merger never happened so the investors including Michael Daniel got 90% of their money back.

I can privately provide a link to the SEC filings which back my version of events.

As for Michael Daniel's $30,000. TLC was upfront about the investment Michal had made in the Web software company. The project was dead in the water at the time but I agreed to look at it. Others became involved, preliminary agreements were even drawn up. Unfortunately, I found the market cool to anything to do with the internet. At all times those who had invested in the early prototypes were part of the equation.

So yes he got 90% back on one investment but unfortunately has lost $30,000 on the other.

grub!
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