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Microcap & Penny Stocks : Firamada (FAMH) Positive Talk ( NO BASHERS ALOWED)
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To: Leroyt who wrote (24)5/14/1998 9:28:00 PM
From: Warthog  Read Replies (2) of 105
 
My understanding from reading and remembering various posts and
conference calls is that no stock was used for the acquistion.

At the end of last year Myriad owed the IRS 11.5 million and its
owners were about to be in deep dodo with the IRS for failure to
pay withholding taxes. Firamada negoiated with IRS to reduce the
amount owed down to 4.5 million. One million payable this year
and 59,000 a month until the debt was payed to the IRS.

The owners of Myriad escaped the wrath of the IRS and got to keep
their positions at Myriad.

How the initial 1 million was gathered, I have not seen posted.

So Firamada got for 4.5 million a company that was making 2.5 million
a year. Not a bad deal.

My recollections only.

collin
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