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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: denbuck who wrote (466)11/1/1998 3:29:00 AM
From: Intrepid1  Read Replies (2) of 520
 
Denbuck, I have been making enquiries into what happened to IEL, and perhaps the most shocking fact I have uncovered is that Harrah's and their boy Geller forced all the old guard off the board.

As you might or might not know, IEL began its existence as Creator Capital on the Vancouver Stock Exchange. The old board nursed the concept of inflight gaming from its infancy. They raised millions of dollars overcoming huge technological and regulatory hurdles. Also of important, they maintained a good and orderly market for the company's securities.

Harrah's became involved and with their boy Geller at the helm they were supposed to guide IEL from a speculative start-up to smooth operational company. As Harrah's was now the controlling shareholder everything had to be done by the book. But that should have been good for IEL given Harrah's financial clout and gaming expertise.

Instead, the new board minus the old guard has effectively ruined the company. Geller and his lawyers signed off on this horrific financing which has destroyed the share price and effectively ruined the company's chances for future equity financing.

Unless Geller and Harrah's take immediate action to rectify the current situation, IEL shareholders will most likely have to turn to the courts for a remedy. Is this what Harrah's and Geller want or need? Cause I will tell you this. IEL shareholders are not going to walk away from a 95% drop in the value of their shares without a fight.

Harrah's and Geller might have taken IEL shareholders to the cleaners; but IEL shareholders will force Harrah's and Geller to air their dirty laundry in public.

best wishes

purething

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