I watched Net2Auction trade yesterday and I noticed quite a few 60,000 share block trades goes through. Made me wonder who was selling. This may be the answer:
On December 2, 2004, AmeriResource Technologies, Inc. entered into an agreement whereby it sold all of its 100% interest in its subsidiary Net2Auction Corporation to Net2Auction, Inc. In exchange, Net2Auction, Inc.. sold to AmeriResource Technologies, Inc. 25,000,000 shares of Net2Auction, Inc. Common Stock and 6,500,000 shares of Net2Auction, Inc. Super Voting Preferred Stock. Following the transaction, AmeriResource Technologies, Inc. owns approximately 99% of all of the voting rights in Net2Auction, Inc. Net2Auction Corporation is an operator of online auction drop-off locations that allow customers to sell their goods in online auctions more conveniently. The purchase price was determined arbitrarily; however, the exchange represents a 100% for 99% exchange.
sec.gov |
