<<<< I still can't believe that someone who ran a company for nearly 20 years would go public and then take part in an absolute lie in a public news release about audited (by the previous auditors) net earnings of $0.1085 for 1997. If this is the case, I believe the SEC will put him in jail for it! YOU JUST CAN'T DO THAT!!!!>>>>
Well... it certainly appears that it has been done, doesn't it? Unless you believe that a company that lost over $1.1 million on only $3.9 million in revenues (1996) all of a sudden made $2.2 million on $8.5 million in revenues (1997) although costs inevitably went up with opening new offices, heavy stock promotion, and the like. I don't.
The SEC doesn't monitor every press release. I don't know where you got that idea. In a lawsuit, Arif will blame everything on Ira Monas, and vice versa. That's obvious.
<<<Those publicly announced net earnings are the only reason I invested in FAMH.>>>>>
Then you are awfully naive. If you had read this thread beforehand, you would have realized that FAMH was busy lying about third quarter earnings last year, and then retracting them to something almost believeable when people got suspicious. The pattern was set.
FAMH has lied a lot publicly. This is the company that said last year they had "no plans' to issue any more than 20 million shares. There's no Miami office (promised at least 9 months ago). Audited financials did not come out March 1 as promised. There's much more...
<<<<Where did they get the $1 million down payment to pay the IRS for acquiring Myriad....they said that NO stock was involved. Did they put up stock as collateral for some kind of loan?>>>>
They sold 50 million shares of stock since they went public last year. At .20 each, that would be $10 million. Assume Arif just kept half... that would still be $5 million. Enough to cover some losses from the business and still front $1 million for Myriad.
<<< As I recall, the "pro forma" statement that Ira released indicated they had quite a bit of cash at the end of 1997. Was that a lie too?>>>>
Yup. The company issued a press release telling people to ignore the pro forma statement, in case you missed it. biz.yahoo.com
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<<<If that IS the case, WHO sold an additional 15 million or so shares into the open market???????? The float is now 24-28 million shares, depending on who's fax information from Arif you believe.>>>>
You don't even believe Arif. Why should anyone else? Who sold the 15 million shares? Firamada did! That's why the stock price keeps sliding.
<<<If the company is truly a scam, as some purport here, Why would Randy Malinoff take over as president, take a chance on ruining his career and take a chance on going to jail as a bonus? .... why would Mike Sukey leave a job as a senior accountant with a division of a big 6 accounting firm, take a chance on ruining his career and take a chance on going to jail as a bonus?>>>>>
Because it was a no-lose situation. One doesn't "ruin a career" necessarily by taking part in the FAMH fiasco... Ira Monas got another job real quick. Secondly, I think both of them are, until proven otherwise, honest and posessing brains.
They aren't going to jail. The damage was done before they got there. I am sure they have written many internal memos to Arif, covering themselves in case of any lawsuit. If they can turn the sinking ship around, I am sure that Arif will reward them with millions of shares. Win/win.
<<<<I'm totally mystified!!!!!! If these guys are all part of a gigantic conspiracy to take our money how stupid do they think we ALL are?>>>>
It's pretty apparent. |
