IMES Message Board - Msg: 5426504

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Microcap & Penny Stocks : IMES

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To: don denson who wrote (1778)	8/6/1998 10:37:00 AM
From: Gary Stern	of 1901

Luck had nothing to do with the course of events you have seen played out before your eyes. It appears that sometime before the California office closed a cabal of individuals conspired to steal the valuable assets of the company for their private benefit. When the secondary offering went aground (the underwriter went belly-up) no real effort was made to find alternative financing. The reasoning amongst these individuals was that if a crisis could be feigned and the company put in bankruptcy, its assets could be acquired for a song with the blessing of a federal judge. On Feb. 26, 1998 at least one insider, previously charged with the job of raising money, was specifically told that financing was not needed. He thought the comment meant that cash flow was under control. Even when the issue of bankruptcy was before the "Board" time was requested to raise money by knowledgeable outsiders. Absurd parameters were put on such efforts because the "Board" required a filing to carry out its plan. Luck had nothing to do with our loss - GREED and BREACH OF FIDUCIARY DUTY has been the guiding force of our nemesis.

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