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Microcap & Penny Stocks : Airstar Technologies, Inc. (ASTG)
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To: Sam The Money who wrote (2347)5/28/1998 12:42:00 AM
From: saclac  Read Replies (2) of 3967
 
OK, so I left town for a week, and everybody dissected the release last friday before the "shit hit the fan". As stated Long Long ago, I think a lot of this thread is WASTED BANDWIDTH (helloooo), so I'll apologise for wasting some on the PR of 5/21.

With all the mudslinging, and accusations in the last 3-4 days, (didn't any of you have anything better to do on SATURDAY? MGD is a good painkiller), this much i'm gathering:

ASTG received at most a Letter of Intent (LOI), which somehow resulted in all this crap. The deal died.

I'm not an attorney (Dan Perlow, come on down), but I think:
LOI's are generally NOT binding
SEC requires an accepted LOI to result in a PRESS RELEASE, hence the proliferation of "memorandum of understandings" to get around this.
LOI's generally contain a CONFIDENTIALITY CLAUSE.

so, IF SOMEONE that didn't like the proffered offer wanted the deal killed by the prospective BUYER, all they'd have to do is SHOOT THEIR MOUTH OFF. The prospective Buyer would have ample reason to say ADIOS.
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