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Microcap & Penny Stocks : IMES
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To: Kenneth who wrote (1395)2/25/1998 10:52:00 PM
From: Gary Stern  Read Replies (4) of 1901
 
First, only a fool would believe that Geo Smith simply resigned. He had to have been forced out as a condition of something occurring. If I was optimistic I would say that it was a condition of financing. If I was a pessimist I would say that he got caught up in an internal power struggle due to his ineptness as a businessman and that he was given an ultimatum. I think he is a decent man but a true amateur in high finance and the mechanics of running a public company.

The idea of a Chapter 11 makes no sense. A Chapter 11 contemplates a reorganization of general unsecured debt. Aside from its ordinary monthly bills IMS has no general unsecured debt. The real fear ought to be that loans to insiders that are secured by the company's patents will be foreclosed and a new entity will be formed to rise like a phoenix from the ashes of the old. Employees will be given stock options in the new company which will in all likelihood start out as a private corporation. Somewhere down the road an IPO could be used to raise cash.

To the extent that management reads this board, I wish to make it clear that the class action will be filed within 21 days of such event. It will allege that senior management and their confederates intentionally withheld information to give them a chance to formulate and execute their plan to steal the assets of IMS. The failure to timely disclose facts concerning the true state of company affairs including but not limited to positive information which would have bolstered share price, using the guise of the "quiet period" (when it was known that the proposed secondary offering was dead), was all part of a Machiavellian conspiracy to deprive shareholders and IMS of the benefit of corporate opportunities that were readily available. If the CDN deal was really more than published, and contracts with others not disclosed, the new entity and its shareholders are in for one hell of a lawsuit.

It is inconceivable that IMS had a share price of $3 when it had nothing and yet after the creation of the Meta 6000 and IMSLIB its shares are worth $.10. While I'm not big on conspiracy theories, I cannot believe my substantial investment in IMS has disappeared "despite the best efforts of management". Moreover, I do not accept that management's "business judgements" were just poor and the result of unfortunate circumstances. Something far more nefarious is afoot and we will get to the bottom of it eventually. If we all get wiped out we need to pool our resources to quickly engage counsel.

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