Sorry for taking your space BJ, but would someone like to respond to this post from RB:
By: WendellJr
Reply To #2435 by lcame98 Sunday, 16 Aug 1998 , 4:04 PM EDT
Post # of 2457
If what Tarot related is true, and it does have the ring of truth about it, you've got an opportunity that few stock fraud victims get.
Here's the deal. . . if Marc Tow is out of the picture, presumably taking back his land and returning the 50MM shares to the company treasury, there are about 39MM shares outstanding. I see that you guys hold a minimum of 4.5MM shares. This is significant. As holders, in aggregate, of over 10% of the shares of the company, you have the absolute right to call a "special" shareholders meeting.
At this meeting, you can and should do these things:
1) Fire all old directors and vote in a new board.
2) Hire a securities lawyer to advise you how to get this issue trading again.
3) Hire an accountant to get a REAL handle on the company's finances, current and past.
4) Fire the transfer agent and retain a new one.
5) Determine a strategy to find a Market Maker.
6) Discuss the many causes of action that you as individuals AND you as management have against ALL the parties that have abused this little corporation over the years.
It's also my recommendation that you get this thing the hell out of Texas. This is a Nevada corporation and that would be the logical (and cheapest) place to headquarter it. There are lots of firms there that will let you maintain an office for a pittance. Keeping it in Texas is just too close to Christensen, Polland, Lindsay AND Jack for comfort.
So there you go. You've got a chance here to take over the company that you paid so dearly for. It'll then be up to YOU to determine its fate. Recover all the assets that have been looted, go for punitive damages for fraud against every single one of these "players," scout a REAL business to acquire by reverse merger and maybe even turn this into the success you all envisioned.
As a side benefit, taking this action will increase by 1000% the chances that 60 minutes, 20/20 and the rest will do your story. The "little guys fight back" plot is as old as the hills, but it still captivates. You've got one compelling story here, but only IF you play your cards right.
It's yours for the taking, friends. . . go for it.
Regards,
Wendell, Jr.
This sounds like............I just can't put my finger on it........
PB |
