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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: hcm1943 who wrote (500)11/24/1998 4:50:00 PM
From: Zeev Hed  Read Replies (1) of 520
 
hcm, they just filed their 10Q. Furthermore, they are in default relative to the floorless on a number of counts, they failed to register additional shares (probably because they would have exceeded the authorized ceiling of 50 MM shares), and their pending delisting will put them in default. I think that to the extent that the floorless did not cover their bets by hedging (selling short the common, and then some), they might be losing some money as well. Of course, I doubt they failed to do the required hedging, and the low price is witness to their action.

Zeev
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