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Technology Stocks : Ampex Corp.
AMPX 12.09-10.9%3:59 PM EST
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To: Hal Campbell who wrote (5635)7/21/2008 6:41:02 PM
From: Nosaj  Read Replies (1) of 5839
 
<<<The eye opener for me in James' investigation was the pension liability of Sherborne and Newhill>>>

It took a foresnic accountant to uncover this convoluted scheme of Edward Bramson. I guess now we're going to see if there is any justice or if it's a stacked deck in favor of the money guys. This management/debtor team at Ampex are some real bad guys. James has proven they're one in the same. Real good game plan--they know they're on the hook for the pension no matter what, but let's see if we can get rid of the shareholders in the process and everything else remains the same.

Check this out for those of you who don't understand what happened with the pension obligations (correct me if I'm wrong, James). Sherbourne and Newhill were on the hook, Bramson changed the agreement where ampex was 100% liable, but ampex received "NO CONSIDERATION" in return. Meaning this new arrangement is not valid, but Bramson also breached his fiduciary responsibility to the common shareholders of Ampex by setting up this way. Bramson is real scumbag. In doing it this way, he can get rid of us shareholders and Bramson/Irwin can keep the entire company with the patents. Boy, I hope that karma thing comes around.

PS: Hey Hal, nice pickup by the skins of Jason Taylor--real impact player. You guys already had a great D.
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