Here is the answer from IELSF's July 8, 1998 10Q/A.
The Company[IEL] retained London Select Enterprises, Ltd. to make a private placement of up to $3.5 million of 8% convertible debentures due March 31, 1999. As of June 30, 1997, sales had been closed on $763,250 of the debentures. As of June 30, 1997, debentures with a principal amount of $108,416 had been converted into
53,280 shares of Common Stock. A second tranche of $500,000 and a third tranche of $600,000 were closed subsequent to the end of the quarter. Management does not believe that any additional capital will be raised from this source.
So based on this it looks like Geller and his Cronies (knowingly) did a convertible financing with some very bad dudes. And I thought Geller had blue chip connections. In reality, the boys Geller has been dealing with are the flotsam and jetsom of the American securities industry.
Geller I hope you and your boys are at least making an effort to remedy the situation.
purething |
