i wish to show thread this about zwebner! anyone who knows about this or astg please post!
spider
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Talk : $5 and Under : Airstar Technologies, Inc. (ASTG)
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To: Kent Barker (3761 )
From: MICHAEL J ZWEBNER
Sunday, Oct 25 1998 1:24PM ET
Reply # of 3774
Ladies and Gentlemen,
I take this opportunity of introducing myself. My name is Michael Zwebner. I represent
and work with a group of investing individuals mainly from Canada and the United
Kingdom. The total assets of these investors is in excess of $120 million. This group,
has made many investments with and without myself heading up the deals,in numerous
private and public entities in the United States, and has a proven track record.
In the post of Kent on October 23rd addressed to WES, reference was made to "THE
INVESTMENT GROUP". Certain statements and comments were made, in particular,
reference was made alledging that the Investment Group lied,misled etc...
The purpose of this statement is to clarify the situation.
In the summer of 1998, I was introduced to Airstar by a business broker friend out of
Chicago. I met Joe Lanza in Los Angeles CA and shortly thereafter met Joe Vigliarolo
in Dallas, as well as Cliff Cassey and other Airstar and Select officers and directors.
My brother Charles, based out of Toronto Canada then flew to Dallas and did a severe
due diligence on the entire business.
In late July, I on behalf of the group put forward a proposal to the board of Airstar that
would have accomplished the following.
An immediate injection of $3-5 million in cash for immediate short term financing
Resignation of the then current board
A new 7 man board of directors, made up of a team of industry acknowledged experts
in telecommunications, finance, marketing and general business administration.
A proposed new $40 million line of credit from a major reknowned international firm of
electronics/telecommunications systems manufacturer.
Our terms of business for the deal were presented in a fair proffessional manner, and
were in line with normal accepted business practices. For the record, some of the
directors of the Airstar, did NOT co-operate with us fully, did not respond to our offers
in a timely manner, and were not prepared to entertain our offer. They were more
interested in obtaining for themselves hefty financial settlements for exiting their positions
as directors, rather than acting in their fudiciary responsibilities as directors of a public
company and acting in the interests of their shareholders.
Indeed we communicated our intentions to several outside parties, all of whom indicsted
that we were acting fairly, and in a proper and normal commercial manner.
We take objection to being falsely accused as "liars, misleaders" etc. However, we
assume that this statement was made more out of ignorance of the facts rather than of
malicious intentions.
Our group has moved on and we have recently merged with a Nasdaq listed company,
and we are developing our businesses.
We do stand ready to return to the table of negotiations with a competent team of
management of Airstar, and would welcome any constructive ideas as to how this
should be enacted. We are not interested in getting into a situation of litigation and
arguments, and we have conveyed this message in the clearest form to all parties
involved.
If any of you wish further clarification to the above, please contact me at my office in
Boston
Videocall International Corp
One Canal Park - 3rd Floor
Cambridge Mass 02142
Tel 617 679 0300
Fax 617 679 0301
email ZWEBNER@BIGFOOT.COM
Thank you
Michael Zwebner |
