Micropicker,
<<Have you read the annual report?
It is filled with floorless convertibles, convertible preferreds, preferreds, convertible notes, warrants, promissory notes, loans, etc.>>
Yes, I have read the annual report. But unlike you I go straight to the source when I have a concern. Here is a reprint of M. Strauss's e-mails to me regarding your concern:
<<As you undoubtedly know, last year we did a private placement for
$1,075,000, a second one for $1.2 million, and a third one for $6 million, in order to complete the Drew Shoe acquisition.
Each one of these transactions have taken me a long time, not because the funds were unavailable, but because I wanted to make
sure that I dealt with investors of the highest integrity. I therefore was extremely selective in who I would deal with,
performed fairly extensive due diligence, not only into their backgrounds, but also contacting CEO's of companies that they funded, to
determine what kind of "partners" they were and are. Needless to say, this process eliminated quite a few of them.
Therefore, the three groups that are currently investors of BCAM are, for the most part, longer term investors, of high integrity and ethics, and clearly not the type that are described in the illustration you attached. I have now been associate with these groups for close to a year, working very closely with them almost on a daily basis, and found them to be true "partners", very supportive of management, and the strategies that we are pursuing.
So while I understand your concern, and have heard of situations that are described in the illustration, you can rest
assured that the management of BCAM will enter into a financial arrangement with people that have the highest integrity and business
ethic. There is no way that we will jeopardize the business by entering into a relationship with anyone that we have concerns or
doubts that their business objectives are not parallel with ours. (Incidentally, BCAM has the right under certain conditions to buy
back the investment).>>
<<From Subject Received
bcam Further to my email of today Mon 3/16/98 12:24 PM
Further to my response to you from earlier today, I wanted to make it clear that the only financing that was done on a "floorless" basis was the $1.2 million and over 80% of the shares have already been converted and are behind us.
Best regards,
Mike Strauss
Chairman & CEO
BCAM International>>
Why don't you contact them next time you're worried? Save us a lot of meaningless chatter on this thread.
ND |
