PanAmerican BanCorp (PABN) Message Board

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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)

PABN 0.00001000

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Mar 7 3:00 PM EST

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To: jdcpa who wrote (17477)	11/5/1998 3:38:00 PM
From: Gordon Gekko	Read Replies (4) of 43774

* Another Belize Update * I just called Joseph Sanker to get more clarification on the status of Belize and to ask some particulars on how the government fiasco started. Q) Did PanAmerican ever have any guarantee with the Belizean Government to back the forthcoming mortgages? If they didn't then why was a press release issued that stated otherwise? A) Yes. They had a verbal commitment plus some preliminary written commitments. They felt those 2 facts alone were enough to mention the mortgage backing in the press releases. Q) Who was the source of the negative Government press releases? Was a competing housing development involved? A) The former Ministry of Housing organization from UDP was responsible for the press releases. He did not know of any tie in with a competing housing development. Q) What happened with the close ties with Hubert Elrington (Minister of Housing)? Did he totally abandon the project and his commitments? A) Elrington was involved with the parties that put out the negative press releases. He is no longer involved with the housing project. Q) When will the new PUP government come out in favor of the housing development? Will a retraction be published? Will the new Government back the mortgages? A) The new PUP Government will have their positive statements and releases on the housing development after the model homes are erected. He couldn't comment on the new government backing the mortgages. Q) When will the homes be erected and what kind of response have you received to the housing project? A) The 2 homes are in the port of Belize currently and should be done by no later than the second week in December. Hurricane Mitch delayed the project by about a month. They will be fully furnished with all the amenities and he claims the project will be the Beverly Hills of Belize. They have about 50 firm commitments to purchase the homes. The majority of the initial buyers are current Belizean officials. They expect to increase that number significantly once a final cost of the homes is determined. After the 2 demo homes are built then they can determine that number. Q) When will the 6,000 homes that were mentioned in the original press release be built? A) All those homes should be erected over a 3 to 4 year time frame. Q) What level of marketing will be implemented to attract new buyers to Belize? A) They will be marketing towards the 60-80K Belizean Americans that are currently in this country. They plan on having seminars in California, New York, Chicago and Miami. They already have a designer/publisher in Irvine, CA and a marketing group in Florida. Joe seemed very pleasant and was willing to take the time to answer my questions. He took my name and number down for future reference. He is a contractor and firmly believes in the future of this company. He said anyone buying now will do real well. He currently lives in the Los Angeles area and he welcomes any visitors. He offered me the chance to come buy and take a tour of the facilities and to show me what these homes look like. I will probably take him up on that offer since I live not too far away from downtown. His offices are around Crenshaw and Slawson. The address is on the Affordable Housing Group web page. GG

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