Digging a little deeper, I feel that that La Jolla Capital Corp is probably representing Greenland in selling shares into the recent frantic buying. These shares probably represent recently issued stock to the officers of the company. Of course, Greenland's mailing address is La Jolla, California - the same as La Jolla Capital Corp which has been doing all the selling. What a coincidence! <grin> From the looks of it, the proceeds from this stock sale are not for the benefit of the company but possibly to directly enrich or reward the officers of the company. They made a rush request toward the end of March for these additional shares to be issued. Witness the following letter which was on Greenland letterhead:
March 20, 1998
Mr. Roger Greer
NATIONAL STOCK TRANSFER
3098 S. Highland Drive, Suite 485
Salt Lake City, UT 84106
Dear Mr. Greer:
As President of Greenland Corporation, I write to request the following transactions be processed.
Issuance of New Shares
Pursuant to Nevada Corporation Code Section 78.211, as amended, please issue certificates for a total of 2,465,000 shares of Class A Common Stock of Greenland Corporation in accordance with the following, and pursuant to the opinion of Carmine Bua, which is attached hereto.
The certificates should not contain a securities legend and no stop order placed against transfer. Please expedite and send certificates by Federal Express to Greenland Corporation, 7084 Miramar Road, San Diego, CA 92121. (Bold emphasis added)
Name No. of Shares Address Tax ID No.
Kevin G. Smith(1) 685,000 c/o Greenland Corp. 554-33-5680
Larry Davis 100,000 c/o Greenland Corp.
Eric W. Gaer(2) 600,000 13597 Tiverton Road 125-36-7583
San Diego, CA 92130
Gerry B. Berg 400,000 1568 Avenida La Posta 367-46-5498
Encinitas, CA 92024
Michael H. DeDomenico 200,000 c/o Greenland Corp. 564-60-1422
Davenport Electronics 60,000 4181 Engineer Road
San Diego, CA
Randall Lanham 100,000 45 Glen Echo 566-61-4271
Dove Canyon, CA 92679
Carl Davis 160,000 922 63rd Street 573-08-7221
San Diego, CA 92114
Michael Ison 160,000 539 Sea Lane 567-27-2857
La Jolla, CA 92037
(1) Issue six (6) certificates of 100,000 shares each and one (1) certificate for 85,000 shares
(2) Issue six (6) certificates of 100,000 shares each.
Still further, please be specifically advised that the corporation has received full consideration for the issuance of these shares. Thus, in addition to being fully paid, they will be validly issued and non-assessable.
Your prompt attention is requested in connection with this issuance, and you are authorized to charge an expediting fee, if necessary, to accelerate compliance with this request.
Sincerely,
GREENLAND CORPORATION
Eric W. Gaer, President
Now, I wonder why the officers of this company would want an expedited issuance of shares just before the hype began and their story was spread to the investment community. If the potential share price was about to be enhanced dramatically pending product sales in the very near future, wouldn't you want to hold your shares and sell them once that was accomplished? Why are they dumping into the buying at this time? These are fair questions to be asked of management.
Alan |
