Mel, A colleague of mine confirmed with Arif this morning that the financials for FAMH (for 1997) will be out on Friday. From my own conversation with a Michael at FAMH and talking to Steve Corso, the FAMH financials are NOT being prepared by Merdinger, Fruchter, Rosen and Corso. More misleading information in PR's (May 22, 1998) but the work is still proceeding (I think). The accouting firm doing the 1997 financials will NOT be released because they don't want them inundated with phone calls. That's what I am told. The CPA doing the CC will be from the firm that has done the 1997 FAMH financials. I think the CC may not be until Friday when the financials are released. At present, the sole task of Merdinger, Fruchter, Rosen and Corso is to audit the books of Myriad.
I have heard nothing about accounting for the 70 million shares. Steve Corso told me that a complete audit (for this year, 1998) would cover that but otherwise I don't KNOW anything more than previously stated. At least the 1997 financials will tell us the number of shares at the end of 1997. Still assumed to be about 24 million.
Steve Corso also stated that Bristol Asset Management is playing a major role in advising FAMH (hopefully to the shareholders benefit but everyone's out for themselves). The recommendation for the new president (Randall Malinoff), Corso, and a new L.A. attorney have been provided by Bristol. Maybe good.
Two significant pieces of information (with opposite effects):
1. Good: Arif reiterated to my colleague that the financials for 1997 would be slightly better than previously stated. These numbers will not include Myriad or any other company purchased this year.
2. Bad: Steve Corso told me that the publicly released numbers for Myriad are "not accurate." My impression was that the numbers were overstated but he did not say that. It would appear that FAMH did not do an audit of Myriad books before the purchase.
I have tried to call Arif, talked to Michael at FAMH, and just tried the Myriad office in L.A. to get some information. This is what I know for now. Or, at lease, what I have been told.
INFORMATION REQUEST: If anyone has information and experience about Bristol Asset Management please respond.
Is there a thread about financial institutions that provide financing to penny stock companies? If you know, let me know. If not, perhaps I will start one.
later, stay in touch and hang in there, later, leroyt |
