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Microcap & Penny Stocks : ZuluGroup.com (ZULU/ESVS)-Ecommerce & Internet Advertising

ZULU 0.0001000

-50.0%

Mar 7 3:00 PM EST

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To: PartyTime who wrote (1172)	2/22/1999 11:46:00 AM
From: Jon Tara	Read Replies (1) of 2003

PT, you said: "Nasdaq, more than anything, feared a reverse take-over of ZULU over ESVS, and thus the disallowance of the original 20/20 stock swap. It appears the attorneys were bogged down trying to explain this complicated process and Nasdaq, due to criticisms which prompted its rules changes, has been very stringent." NASDAQ doesn't "fear" a reverse merger. NASDAQ has RULES about reverse mergers. (And I suspect that NASDAQ fully understood "this complicated process", and didn't need explanations, since they wrote rules about it.) The rules require shareholder approval. There wasn't shareholder approval. Pretty easy to understand. The only hope was to get shareholder approval (never happened) and then go back to NASDAQ and say "see, we've got shareholder approval now". Even that might not have done the trick, because NASDAQ might not be happy that the approval would have been obtained after-the-fact. Anyway, it seems they've wisely concluded that it's unlikely that a reversal of the NASDAQ decision is likely to be forthcoming.

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