Not a Dear John letter
Bidder don't bother it's too long and might be in the wrong font.
John, you wrote
<as it has from the beginning, when its previous chief, Harry Moll, was
banned for life due to securities violations:
robmagnet.com;
Your citation indicates:
< Turbodyne was formerly controlled by Harry Moll, who had been banned from
the VSE for life after the collapse in 1992 of his company, Pineridge Capital
Group Inc. >
Here is Turbodyne's first filing on the Edgar system I have access to:
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
ON DECEMBER 9, 1996
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F / A-2
REGISTRANT AND SUBSIDIARY COMPANY'S CORPORATE BACKGROUND
The Registrant was incorporated pursuant to the laws of the Province of British
Columbia, Canada on May 18, 1983 as Dundee Resources Corp. By special resolution
dated August 21, 1992 and effective January 20, 1993, the outstanding shares of
the Registrant were consolidated on a 5:1 basis and the Registrant's name was
changed to Clear View Ventures, Inc. By special resolution dated October 8, 1993
and effective April 28, 1994, the Registrant's name was changed to its current
name Turbodyne Technologies Inc. The Registrant has obtained the required
shareholder approval to the continuation of the Registrant under the Canada
Business Corporations Act as a Canadian federal corporation. The Registrant is
in the process of completing this continuation. Upon completion of the
continuation, the Registrant will cease to be a British Columbia company and
will exist as a Canadian federal corporation and will adopt articles of
continuation and by-laws. The continuation will not affect the assets or
liabilities of the Registrant and no new corporate entity will be created by the
continuation. During the period from its incorporation on May 18, 1983 until
July of 1993 when it commenced funding the development of the Turbodyne
Technology, the Registrant was engaged in the
<PAGE>
2
business of mineral exploration. The Registrant no longer holds any interest in
any mineral properties. The Registrant owns 100% of Turbodyne Systems, Inc.
("Turbodyne Systems"). Turbodyne Systems was incorporated pursuant to the laws
of the State of Nevada, USA, on May 21, 1993. Turbodyne Systems acquired the
Turbodyne Technology from Edward M. Halimi, a director, in consideration of the
issue to Mr. Halimi of 100 common shares of Turbodyne Systems, being all of the
issued and outstanding shares of Turbodyne Systems. The Registrant subsequently
acquired ownership of Turbodyne Systems pursuant to an agreement dated July 15,
1993 between the Registrant and Mr. Halimi whereby the Registrant issued
1,000,000 common shares of the Registrant to Edward M. Halimi in consideration
for all of the issued and outstanding shares of Turbodyne Systems. This
transaction is characterized as a reverse takeover transaction and was effected
in accordance with the policies of the Vancouver Stock Exchange. Turbodyne
Systems is the owner of the Turbodyne Technology and carries on the business of
development and manufacturing products incorporating the Turbodyne Technology.
The Registrant incorporated Pacific Baja Acquisition Corp. pursuant to the laws
of the State of Wyoming, USA, on April 15, 1996. Pacific Baja Acquisition Corp.
was incorporated for the purposes of enabling the Registrant to complete the
acquisition of Baja. Pacific Baja Acquisition Corp. had no assets or liabilities
prior to the merger. On completion of the Acquisition of Baja, Pacific Baja
Acquisition Corp. was merged with Baja, with Pacific Baja Light Metals Corp. as
the surviving corporation. The Registrant owns 100% of Pacific Baja Light Metals
Corp.
John, please explain to me how your Mr. Moll had anything to do with
the company since he was "banned for life" before Turbodyne existed?
Doh, it was a shell. Just a convenient way to begin a business without
having to do an expensive underwriting. Happens all the time.
Do you have anything more substantial to share?
Mike C.
more rightfully upset than Bidder and other Asensio hyenas ever have a right to be.
BTW, if a stock falls below $5 and holders decide to buy in to own the shares, does that move
the shares out of the margin account and into the cash account, thereby leading to buyins for
shares borrowed from margin accounts? I thought you had to ask for the certs, or ask to move
the shares out of the margin account.
IMO, next weeks IAA and the following weeks AGM with their attendant announcements will
clarify the future direction of this melodrama. |
