It is a travesty what this management is doing. First (and I say first as a starting time for this particular set of circumstances) they issue themselves, what they think is total control, via the bylaws. Then they begin selling stock to anyone that wants it. It took them longer to find out that they could do this because their leader, Mac Beagelman, was in prison for securities fraud and could not hold their hands and walk them through the process. At any rate, they came to a point whereby they needed to print more worthless paper, and that is when the class B stock was invented and the bylaws were changed. I, think that this particular action can be recinded. At any rate, everyone knows now why the stock will not go up on good volume, because they have given this additional stock to family , friends, etc., people that are not required to file 144's, and so you have a stock that will not go up until the newly issued shares are cashed in, and then of course they will vote in an additional amount of authorized shares, and the game goes on for whomever decides that they want to play the sick , illegal , game. This is a classic case of stock laundering. They give their friends some stock, the stock is sold, and the launderer keeps 10%.
I know these people, I have met them, I had a private investigator follow them for several weeks. I know where they live, eat, sleep (that is another story), and when they get to work and when they leave and what they do while they are there. I have had their phones tapped, and have more that 100 tapes that detail their illegal activities.
This is a desperate, pitiful, small group of small time crooks.
They are milking the sale of stock for all it is worth and putting the proceeds offshore, in foreign corporations, waiting for an exit. |
