JR, This was posted previously, but for your convience, here it is again. I think after reading it, you will see it wasn't shorts that caused the decline, they just saw it coming.
Oustanding shares are around 5 million if I remember correctly.
Hope this helps,
Brent
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As filed with the Securities and Exchange Commission on December 19, 1997
Commission File No. 33-97770
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 18, 1997
LEVEL BEST GOLF, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 59-3205644
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
14561 58th Street North, Clearwater, Florida 34620 (813) 535-7770
(Address, including zip code, and telephone number, including area code, or
registrant's principal executive offices)
APPLICABLE
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
Item 5. OTHER MATERIALLY IMPORTANT EVENTS
Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Item 2. On November 18, 1997, the registrant received a letter from the
registrant's secured creditor, Highpoint Capital LLC, ("Highpoint")
demanding payment of the outstanding balance of the Registrant's
indebtedness to Highpoint. On November 19, the Registrant's board approved
a Peaceful Possession Agreement in Favor of Highpoint covering the
Registrant's entire inventory which secures the indebtedness to Highpoint.
At public sales on December 11, Highpoint purchased the inventory.
Item 5. The Registrant is pursuing several possible transactions without
one of which being completed the Registrant will be unable to remain in
business. There is no assurance any such transaction can be completed.
Item 6. On December 5, 1997, James G. Solomom, Patricia A. Sanders and
William E. Foley resigned as officers and directors of the Registrant.
/s/ Fred L. Solomon December 19, 1997
Fred L. Solomon
Chief Executive Officer and
Director (Principal Executive Officer) |
