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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Little Engine who wrote (24758)10/13/1998 8:47:00 PM
From: Larry Bongiovi  Read Replies (1) of 27968
 
Little Engine,

You are right, I had a mental lapse about the 1997 financials being audited. I did not remember the press release that actually stated that the numbers were audited. As I recalled, there was a lot of discussion about the numbers in the February and March time frame, and a lot of excuses why they were not submitted to the SEC. When I went back and rechecked, I noticed that Ira did issue a press release saying that the financials were audited. While checking through the press releases, I also noticed that the company rescinded the press releases that Ira published concerning the financial data. So I guess that the shareholders that purchased stock after the Ira press release, and before the company rescinded the releases, have a legitimate legal gripe.

I also remember Randy saying that FAMH does not currently have a compensation committee. That doesn't mean that they didn't have one in the past. I personally don't know if there was a compensation committee, I assumed that there was as that would have been the only legitimate way that Arif could have legally been compensated with stock. With such an easy legitimate path to follow to get the stock, I can't imagine that he did not follow the proper protocol. Otherwise, he has set himself up for some real problems.

Larry
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