Rob,
I asked Jack Arnold about it several months ago. These are some of his comments that may answer your question:
-----Original Message-----
From: Ident, Inc. [SMTP:ident@iamerica.net]
Sent: Friday, December 19, 1997 5:58 AM
"Dear Michael,
I am grateful for shareholders such as yourself. I have found it quite difficult to convince skeptical shareholders and potential
shareholders that we truly are trying to represent their interests in
restructuring this company. Apparently, deception and exaggeration is quite common in the stock market, making it difficult to convey my sincere desire to make this work.
When I took over CVIA, the company had no assets, no prospects, and no
one to lead it back from the grave. I decided to get involved because
many of my friends had purchased stock from the previous management
group, and I felt compelled to see what might be done to keep the ship
from totally sinking.
Through some personal and professional contacts, I located the
opportunity that is before us. Given the weak bargaining and financial
position of CVIA at the time I assumed responsibility, this
opportunity truly has the best chance of creating the most value for the shareholders in my opinion.
My primary objective is to return as much value to each shareholder's
investment as I can. Obviously, there is no guarantee everyone will
get out cleanly (especially those who bought 6 months ago, 12 months ago etc. and did not average down their shares by buying at the recent $.04 & $.05 prices), but I am taking responsible steps to extract positive value from this public shell.
Thank you for the much needed positive feedback. Comments from folks
such as yourself make my efforts worthwhile. I trust I can bring something good to fruition to justify the trust you and many others have put in us.
Sincerely, Jack Arnold"
Also:
"Dear Michael, in answer to your question regarding my share
position, I am not a significant shareholder (less than 3%). I stand to benefit primarily, though not substantially, from company value based upon a successful merger taking place..." - November 26, 1997
Regards,
Milk |
