I dunno...maybe I'm a damn fool, but I'm starting to take a good long look at this one again. Fool me once, shame on you. Fool me twice, shame on me. And I was definitely fooled once already. Thanx to Alanco, I'll be taking a nice tax loss this year!
But I've been doing my reading and if the last 10-Q is harbinger (pun intended) of things to come, then Alanco is headed in the right direction and should find their elusive profitability this quarter with holiday floor traffic.
That being said, there were a couple of things that I really didn't enjoy too much from the recently filed 10-K. FROM WHICH I offer the attached excerpt concerning the Harbinger action and the election of new board members coming up in a few days. TO WHICH I ask the question "Is all of this recent positive news real, or is it a desperate act of the board members to show positive results to get re-elected in November?"
Any and all comments would be appreciated!
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In July, 1997, the Company was served with a complaint and motion for temporary restraining order filed by Harbinger Capital, L.P., in the Superior Court for the State of Arizona in and for the County of Maricopa. The complaint sought to compel the Company to hold a special shareholders meeting for the purpose of the election of a new Board of Directors. The Company responded to the complaint and motion stating that a special meeting was not necessary as the Company intended to hold its annual meeting for the purpose of electing Directors in November, 1997, this date being as soon as possible after the Company's annual report and audited financial statements could be completed and distributed to the shareholders. As a result of the hearing held on July 31, 1997, the Court ordered that the Company hold its annual meeting for the election of Directors on November 7, 1997, and provide certain shareholder information to Harbinger. The Company has complied with the court's order and has called its annual meeting for November 7, 1997, to be held in Scottsdale, Arizona. |
