Hi McSweet - Interesting 13D/A.... The filing party is a 5.29% equity owner. Wonder if he will get a response from management? Is it management that determines when to close the fund(s) and liquidate the proceeds for distribution to the equity holders?
pinksheets.com
From the filing:"...The purpose of the acquisition is investment. The reporting person may from time to time recommend actions to the issuer’s board of directors or management for the purpose of increasing the market value of the issuer’s shares generally. A letter to the issuer’s board of directors, dated and sent December 22, 2009, is attached as an exhibit hereto. That letter urges the issuer to release its consolidated annual reports for 2007 and 2008, as well as to resume quarterly updates; to hold an annual meeting of shareholders; and to consider appointing an independent outside individual to the board of directors. The letter also asks that the issuer’s affiliates consider abandoning the protection provisions of Maryland Law (specifically the Maryland Control Share Acquisition Act) and any other poison pill provisions...."
When you go to the Pink Sheet site to get a quote for WNMLA you get the following alert:
pinksheets.com
":: INSIDER TRADING WARNING
This company may not be making material information publicly available.
If you are an affiliate, employee, insider, or any person in possession of nonpublic material information about this company, please be advised that buying or selling this security may constitute trading "on the basis of" material nonpublic information prohibited under Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 10b5-1 thereunder. Violators of these laws are subject to civil and criminal penalties.
What is insider trading?
Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security.
Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if that person is "aware" of the material nonpublic information at the time of the purchase or sale.
Affiliates, insiders, relatives, or other persons in possession of material information should use extreme caution when buying or selling securities on the basis of material information, particularly in securities where the company is not making adequate current information publicly available as a matter of practice.
Why is Pink OTC displaying this warning?
Companies that are identified on pinksheets.com as having “No Information” may be placing their shareholders at risk of violating 10b5-1 insider trading rules. Pink OTC Markets recommends that investors wishing to place a trade in such securities contact the company to verify it is making adequate current information publicly available...."
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This company is not worth the risk IMO.
EKS |
