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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Leroyt who wrote (18782)5/22/1998 1:04:00 PM
From: carolm  Read Replies (1) of 27968
 
My understanding of the Myriad financing was that originally the Myriad principals were to get 1.2 million shares of stock in addition to a cash payment to the IRS. Later on the price was renegotiated so the payment was only cash to the IRS and nothing to the principals. Presumably this was because the IRS wanted more than originally offered and the Myriad principals had no leverage. Ira announced it as a cash only, no stock deal.

But, to finance the IRA payment, shares were put into escrow, and paid to the financiers to make the cash payment. The original shares that were to go to the Myriad principals were not used for that purpose.
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