+Brett Fleischman (1674 )
From: +Kenneth R. Moss
Sunday, Aug 23 1998 2:45PM ET
Reply # of 1675
TO THE THREAD:
This is a copy of E-mail sent to NIAR & IRAE:
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Dear Sirs,
Since the stockholders of NIAR were promised to get shares of IRAE and a royalty payment, and now we have been told that we would not, how will the proposed sale of the
below mentioned article be paid for?
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August 21, 1998
To North American Resorts, Inc. Shareholders
In an effort to focus entirely on its "entertainment business", International Resorts and
Entertainment Group's Board of Directors met on August 7, 1998 and ratified a sales agreement
dated June 1, 1998 selling back the Vacation Club rights it purchased a year ago from NIAR.
The terms of the sell back deal would pay IRAE $1,000,000 payable in weekly installments from
Vacation Club sales.
North American Resorts, Inc.
Management
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I know it says weekly from sales of vacation club sales. If they are able to pay $1,000,000 to IRAE, what does the stockholders of NIAR really get from this.
Thank you in advance for an answer,
Kenneth R. Moss |
