Looking at the Edgar site for any new filings from IMS (none to date), I reflect upon the recent history of my former company as reported to the SEC in the following filings:
S-1 filed 28 Oct 97. Filing to ask the public to further fund IMS via another public offering. The beginning of the end of a very long "quiet period".
sec.gov
S-1/A Append filed 4 Dec 97. New and improved S-1.
sec.gov
Add to the semi-sweet S-1's filings the marketing pitch of Bill Young/George Smith/Lee Hoevel as found in a portion of a web page no longer linked under the "Finanicial" blue box of IMS's home page (http://www.imes.com) but still on this side of the firewall (for now!).
imes.com
It seems the up-side far exceeded the down-side for IMS...but then without notice nor warning, the following was filed:
8-K Bankruptcy notice filed 17 Mar 98. Includes the "Kevorkian-style" Security Agreement between IMS (Lee, President) and IPIQ (Phil, President).
sec.gov
If memory serves me correctly, the following page from Virtual Investor Relations, a division of Kostech Corporation (the same corporation that was previously hyping IMS as the next NexGen stock!), was also linked under the financial section. P.S. See a picture of smiling Bill talking on the phone to you!
virtualir.com
I found something interesting while reading the IMS-IPIQ Security Agreement (see the link above) and a news release under the Virtual Investor Relations page for IMS dated 19 Feb 98 (a Thursday) announcing George's retirement AND Lee and Phil's resignation from the board:
The security agreement that Lee and Phil executed that handed over the goods to IPIQ was dated 17 Feb 98 (a Tuesday)! It seems that Dr. Phillip Neches was an active director of the company at the time the agreement was crafted and executed, contrary to what was disclosed in the 8-K filing. This also implies IPIQ was incorporated in Delaware while Phil Neches was serving on IMS' board of directors. Did Phil and Lee have a conflict of interest while serving as board directors?
Looking at the complexity of the security agreement, I do not believe it was put together over lunch, or during a 9-hole round of golf, or purchased via a business software package such as Quicken Business Partners. The word "premediation" comes to mind.
I hope IMS investors, particularly Marty Albert who has a very large stake at hand as noted in the SEC filings, are able to preserve the integrity and value of their company while discouraging and preventing any attempts of these "back-alley" deals. I don't know if the respective administrative officials, e.g. SEC, FTC, FBI, BBB, etc., are able to help remedy this situation.
Larry |
