Littlefield Corporation (LTFD) Message Board

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Non-Tech : Littlefield Corporation (LTFD)

LTFD 0.170

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Sep 29 11:29 AM EST

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To: Market Tracker who wrote (1478)	9/25/1997 8:08:00 PM
From: Crabbe	of 10368

I wanted to add this from the 2nd quarter 10QSB: On June 19, 1997, the Governor of Texas signed into law a bill which would prohibit publicly traded corporations from holding a bingo center lessor's license in Texas as of January 1, 2001. The Company believes that this provision of the bill is unconstitutional and will seek to have it judicially annulled. Management does not believe that this bill will have a materially adverse effect on the Company because: i) the Company expects to prevail legally; ii) even if the Company were unsuccessful in its legal efforts, this provision of the bill would not take effect for three and a half years; and iii) the Company's operations in the state of Texas represent an increasingly immaterial portion of its overall profits. However, if not repealed or subsequently changed, this provision of the new law would require the Company to close or divest itself of its Texas bingo centers by December 31, 2000. As you can see that information, other than the filing approximate date was public knowledge, in discussions on SI before John had indicated an earlier filing date. Rod Dream a little

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