Texas American Group INC. (TXAG) What's Up? Message Board

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Microcap & Penny Stocks : Texas American Group INC. (TXAG) What's Up?

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To: Scottey who wrote ()	7/21/1998 10:03:00 AM
From: Stkbuyer	Read Replies (2) of 62

I recently found this site and thought I would add what I know about TXAG. Back when the original hype started approximately 2.5 years ago, the original prospectus showed that Groesnor contributed land on which a Country Club would be built (valued at an inflated $30MM) in exchange for 10MM shares. Other properties were contributed the same way but reverted to the contributors. I am a large shareholder that has lost a lot of money. I do not know if this thing will ever turn around but there may be hope. A fellow investor and friend has talked to Groesnor several times over the past several month. On the day of the 4mm share traded last week, Groesnor told us that he had the financial statements on his desk. The new auditors had completed their work and finalized the financials, but Groesnor had not looked at them yet. If nothing else, the company should still own the Groesnor property, although Groesnor says it owns more than that. The last shares outstanding report I saw was around 80mm shares. Many of those shares reverted to the property contributors when terms of the contributions were not fulfilled. Since the original transactions in November 1995 were valued at $3 per share, the number of outstanding shares should have been reduced by at least 50mm shares (probably more), which under my assumptions would leave 30mm shares outstanding and ownership of the Groensor property. Assuming the Groesnor property is only worth $10mm divided by 30mm shares, this would give a value of $.33 cents. At this point Groesnor should have close to control of the company stock. The original deal was that the company was to acquire companies and assets in Europe, which is where all of the assets it supposedly acquired in Nov. 1995 were located. Groesnor is the son of the super wealthy Groesnor family in London (ie Groesnor Square in London and the Groesnor hotels). I believe Groesnor was scammed just as many of us were and that he will try to resurrect some value for the company at some point to restore his name. After all, it's a miracle that the company is still trading at all since nothing has been filed with the SEC in years. Groesnor has stated in the last several months that he has new money lined up in England to push the stock once the financials are issued and information is public. Hopefully the penny anty traders that can't be making more than a thousand dollars on these trades will hold for the issuance of financial statements, hopefully the influx of new money into the stock and a sustained move to the upside. Good Luck

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