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Non-Tech : Any Stock Warrants
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To: Bosco who wrote (407)6/16/1998 3:34:00 PM
From: one_less  Read Replies (2) of 1916
 
I'll do the best I can. MIDL is a shell company. MIDL rescinded their reverse merger with Arcon. Arcon is the company providing a new product called DF-144. This is a gas additive that has been tested and believed by all to be extremely valuable. Its intended use is in raising octane levels of gas. When in production the $$$ will be huge. The most common product for doing this is called MTBE which is currently outlawed in California and under criticism everywhere else. MIDL was in the process of setting up plants to produce DF-144 when scandal struck. First the CEO was accused of illegally transferring some MIDL stock. He is in hiding now, litigation pending. The DF-144 guru (John Spriggs) was made CEO. He had been an executive with Arcon. Next, John Spriggs resigns and the reverse merger with Arcon is rescinded.

Now it would APPEAR that MIDL is an empty shell. The reason MIDL rescinded the reverse merger was to clean the shell while they kick butt on the CEO who ripped everybody off. Keep in mind John Spriggs was CEO when MIDL rescinded the reverse merger.

Now three things are in the works:
1) John Spriggs is off working full time on the patent licensing of DF-144. He expects to prove that he has the sole right to deal and bargain with DF-144.
2) MIDL will recover the money that the ex-CEO is accused of taking.
3) John Spriggs will recommit the DF-144 deal to MIDL. It was reported that he has indicated his intent to do so.

What is risky:
1) What if John Spriggs can't prove he has the right to deal with the licence to DF-144? Slim but possible.
2) What if John Spriggs does prove that he has the right to deal with the DF-144 patent, but he takes it else where? I don't think so, since most of the investment in MIDL was for its product and John was CEO at the time MIDL rescinded the merger. So if he takes it else where he would be in deep do do with MIDL investors.
3) The other risks are the usual ones: financing, management etc. Although, it seems management has a huge black eye right now. So it seems like they will be working harder than most to prove their salt.
4) MIDL goes bankrupt. Not likely, they have proven their ability to provide a shell. They reported current negotiations with four companies for acquisition. I have no clue what the status of those acquisitions is.
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