FF: I truly believe you and others are wasting your time debating issues of reason with waltertx.
This poster appears to be here for alternative reasons. The historical facts about the company's actions do not appear to weigh very heavy on "his" agenda. Be cautious, ......facts not emotions, even though an emotional response is well understood and deserved on the part of many, many investors.
Waltertx appears, to me, to possibly be fishing for slanderous and liabelous statements against someone, ...who cares who. If, related to company management, he probably has a big hill to climb, and can only try to intimidate. Company management, especially of a public company has been entrusted with substantial duties and responsibilities to investors. Breaching that trust eliminates many protections they might otherwise have in the normal course of business.
The reported big losses don't seem to phase waltertx, and he is selective about "his" response targets. He has offered no evidence except for the inference that " ....why would he [Arif]say the company is profitable?????always maintained to us that the company is going to be in the black in 1999...."
The facts have been that company management repeatedly pronounced they were profitable, "...and continue to be". If the company doesn't pay its bills, maybe it could be in the black for 1999. Historically, there has been (very recently discovered) a major, negative cash flow. To my recollection, there are purportedly 3-4.5 million in back payroll taxes due, and a 3.5 million balloon payment due on the Myriad acquisition deal with the IRS. At 6.5 million in debts to pay, and 50 million in revenues (unsubstantiated)they would have to generate 13% net margins, before these two impending expenses could be eliminated.
Losing Myriad (if divisible) back to the IRS would virtually strip the company of all it's existing business, the other alternative would be for the company to be taken over by the IRS for a pending tax recovery sale. If the Myriad balloon could be extended, there is still the back payroll taxes that would require 6% net. Neither seems realistic nor attainable when comparing to other similar companies as waltertx so inferred. A profit doesn't appear to be in the cards for 1999.
So, it appears IMHO that waltertx has not thought this through at all, and more likely, is fishing on a different agenda. No openness about "his" identity speaks volumes. Since SI is purely a "commentary" board where people can share views and information, ....differences of opinion are certainly welcome. I personally welcome any thoughtful and reasonably factual rebuttal. Waltertx's posts currently make about as much sense to me as "IRA MONAS's".
On another front:
Freddie, have you ever requested a list of all the filings by Firamada to the SEC under the FOIA? I remember you had contacted them on several occasions and wondered if you had this information.
Regards,
Bob. |
