WestAmerica Corp. (WACC) Message Board

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Microcap & Penny Stocks : WestAmerica Corp. (WACC)

WACC 0.00

Nov 6 4:00 PM EST

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To: DBrian who wrote (514)	9/18/1998 2:07:00 PM
From: JOE TURMAINE	Read Replies (1) of 749

DBrian, I have no idea why the price has turned around other than it had gone too far the wrong way in the first place. Those who bailed out the last couple of weeks probably sold in desperation to at least salvage something. The talk of big money coming into the project may have given some degree of faith to us little guys. I posted this on the WACC Yahoo thread earlier, just copying it here for entertainment value, >>Mark, from another post to another Mark, >>Mark, I can say without a word of a lie that I have no idea what's going on and don't even know what to think. I don't know if Boyar is a crook or if he is trying his best to make this work. I really can't believe he was so stupid as not to know what the result of the Reg S would be. That created 25 million extra shares. I can see a consolidation of the order of 1:10 maybe having some benefit. Right now with 37 million outstanding shares and 13 million unissued we represent 75%. I would not be surprised to learn that Boyar and his gang probably control 25 million of those. Anyway with a 10 to 1 reversal on "issued" shares the ratio would be 13:3.7 that would mean only 18% outstanding. (I'm only making this up as I go along) Then, because there are 50 million authorized they may be able to increase treasury shares from the present 13 million to 46.3 million and the existing float would become our 3.7 million which ould only represent 7.45% of authorized shares. He could do the same with 20 to 1 or 100 to 1, but I think that at 10 to 1 we would feel that we did not get screwed as bad as expected and maybe Boyar isn't such a crook afterall. UNTIL, the $1.5 million prefered offering gets converted. I also think 100 to 1 might result in more calls to the SEC, and that does nothing to help him do business.<< I don't believe 1.5 cents is anywhere close to a reasonable price for this stock once it is relisted on the electronic quote system that is the OTC:BB. My feeling is that most of this sub 2 cent stuff has been gobbled up by whoever drove it here. The 46.3 million shares dreampt up in the copied message would cover $6 million at ~12 cents per share. That would leave all of us to share 7.45% (unless of course the $6 million is strictly debt) Isn't that how timeshares are traditionally financed? I borrow a hundred at 5% and sellthe finnished product at 2 hundred at 10%. There would be no real share dilution that way. Then there is always American Leisure to think of, $6 million would get them out of the picture. Just my thoughts no facts. JOE

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