I just posted this on Raging Bull...thought I'd cross post it...
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Dave, Jack keep saying...
- That CVIA was never a clean shell, when he took over there was $3,000 in the bank and $60,000 in debt.
This was probably a true statement when he took over end of last summer. My question for Jack that whoever calls next could ask is...
On CVIA's last 10Q, dated 8/20/97, it states that there were 17,667,112 shares outstanding as of 7/31/97. That's when Jack took over and started "cleaning up the debt". Before the first Reg S, there where about 53MM shares outstanding, according to Jack (phone calls back then). Where did those 35MM shares go to? Were they sold into the float to pay off debt? If so, by Dec, we had a clean, debt free shell with 52MM shares outstanding.
I would like Jack to give a share by share, dollar by dollar accounting of how and why the outstanding count jumped by 35MM shares over a period of 4 1/2 months...
This is ALL before WOTD and Reg S came into the picture...
GJC |
