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Microcap & Penny Stocks : Firamada (FAMH) Positive Talk ( NO BASHERS ALOWED)
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To: Mark[ox5] who wrote (30)5/15/1998 8:20:00 AM
From: David Colvin  Read Replies (1) of 105
 
Markox5 said,

"I believe the current "hypothesis" is FAMH drew against their line of credit to pay the "cash" for Myriad."

I'm just thinking out loud here. If FAHM did, indeed, use their line of credit to obtain the $1 million maybe another scenario occurred. Maybe $1 million worth of FAMH stock was placed in some kind of escrow account as collateral for a $1 million loan as opposed to outright giving or issuing anyone stock. If that were the case, no stock was "issued" in the traditional sense.

Ira seemed to go out of his way to make a point of the fact that the stock that WAS originally put up was taken back and, instead, $1 million in cash was paid to the IRS. I doubt if the IRS would accept stock as payment for anything. The real question is where did the $1 million come from:

o Did they sell $ million worth of stock on the open market and then give the money to the IRS

o Did they put up $ million worth of stock as collateral and borrow the money from BRISTOL Capital Management

o Did they simply write a check against their corporate checking account and pay the IRS. According to the audited balance sheet, they certainly had enough cash on hand to do it.

It seems to me that when Ira went out of his way to say it was a cash transaction he was saying that no stock was involved whatsoever.

Dave

p.s. By my past posts surely you guys can tell that I'm not a basher. If I didn't own the stock I wouldn't post on any FAMH board at all. I would rather watch paint dry...it would be more constructive than posting on a board where I didn't own any stock.
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