Aviator at what price did you purchase IMAL? And how many shares?
I was reading through all their filings on Edgar today. It took me about 10 hours to scan through all their filings. It's very strange they gave so many shares to all these "consulting" groups, and pay them a "consulting" fee of $5-12k a month. And these "consultants" were also some of the "financiers" who enabled them to get private placement funds. What's even more strange is that some officers/directors of IMAL are affiliated with these "financiers" as either officers/directors or shareholders of these other corporations.
What's offshore private placement? Usually you resort to this when you can't get funding by traditional means - VC placement, secondary offerings, extension of credit by creditors, or banks/brokerage firms, etc. These OPP shares do NOT have to be registered, and usually after a lockup period, will flood the market. Or they can circumvent the lockup period by shorting the IMAL stock on the open market, and then covering with their original shares after the lockup expires. For example by shorting IMAL at $30, and covering with shares at $3, that's quite a handy sum. BUT THE KICKER: When you don't register these shares, you don't have to state who owns them. VOILA
Of course you should go and do all your DD yourself, as after all these hours of research I might have misinterpreted what I read. And as usual this is all IMHO.
Oh, BTW, you should read the part in Legal Issues about the FTC. The company is "hoping" for a settlement with them. |
