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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Gary Smith who wrote (18917)5/22/1998 8:39:00 PM
From: Dick Lee  Read Replies (2) of 27968
 
Gary. The two issues regarding the delta between the 48 million and the 70 million are the point you made about the collateral for the $12MM LOC and then there's the collateral put up to cover the $3.5 million owing to the IRS.

Does anyone know how many shares were put up?

Would it make sense to run some numbers (guessing)? If your stock was worth 50› would you issue 24 million shares to cover the LOC? Would there be as many as 7 million shares on the table to back the IRS debt?

There's no question that these two items on there own could more than account for the 20 million share differential, but it shear guesswork at this point. I hope we will be able to get answers early next week.

To this end I expect to set up a conference call early next week with FAMH senior management and a partner from the auditing company (This will not be a regular CC). The objective is to start to get the house in order as far as we, the stockholders are concerned. While there are no guarantees we will come away with all the answers, we should have a much better understanding than we do now.

There is a clear message coming through that senior management wants to re-establish their credibility, build stockholder confidence, which in turn will drive up company value.

With my investment, I will help all I can. The core business is solid and we are making money (we are one of the 2.5% OTC:BB stocks making money). Now we have to set about repairing the external damage. This will require some work on the inside but I think we have an excellent chance at achieiving all that needs to be achieved.

LTBFV, Dick
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