They were passing sneaky, Oh Blue One
Watch the peas under the thimbles! Watch the name changes! For some people reviewing this scheme, snake oil salesman comes to mind. Certainly not fraud...oh, never!
PRE - PROXY
, In that regard, on December 22, 1998, the Company announced that it had acquired the ownership interests in Brands For Less, L.L.C. a privately held Connecticut based company, founded in 1997,
[HPD: Probably a holding company with ownership or control of Brandsforless.com Inc , the operating company]
FIRST PRESS RELEASE
Zulu Subsidiary Brands For Less.com (Holdings), Inc. Announces Plans for IPO
LOS ANGELES, Feb. 22 /PRNewswire/ -- As announced earlier today, Brands For Less.com (Holdings), Inc. was acquired from Enhanced Services Company, Inc. (OTC: ''ESVS'') by Zulu-tek, Inc. (OTC Bulletin Board: ZULU - news). Brands For Less.com (Holdings), Inc. will immediately go forward with its plans to offer a minority portion of its common stock to the public in an underwritten initial public offering.
[HPD: We missed it folks ... a new thimble without even a hint-o'-pea under it! Apparently Brands For Less.com (Holdings), Inc was a NEW COMPANY formed by ESVS to hold its interest in Brands For Less, L.L.C. . Since the acquisition by ESVS was executory, meaning the acquisition would be completed over time, the ownership of LLC would not vest in Holdings until all payments were timely made. I expect that they missed the $5M february payment]
SECOND PRESS RELEASE
Brands for Less.com plans initial public
LOS ANGELES, Feb 22 (Reuters) - Internet-based department store operator Brands for Less.com Inc., a unit of Zulu-Tek Inc. (OTC BB:ZULU - news), said Monday it plans to offer a minority stake in an initial public offering worth about $80 million.
Keith Fetter at Zulu-Tek's investor relations told Reuters in a telephone interview that Brands for Less expects to offer 25 to 35 percent of its stock but had not yet selected an underwriter.
Zulu-Tek recently completed the acquisition of Brands For Less.com from Enhanced Services Co. Inc
[HPD: O.K. Folks, say the "F" word after me ... that press release cleverly omitted the word "Holdings" from the story. What they had acquired from ESVS was only "Holdings", the new ESVS company containing whatever rights ESVS had and no more. They did not acquire ...Brands For Less.com, Inc.]
THIRD PRESS RELEASE
BrandsForLess.com Ends Discussions to Be Acquired by Zulu-tek, Inc.
NEW YORK, Feb. 24 /PRNewswire/ -- BrandsForLess.com, an industry leader in e-commerce, today announced it has ended discussions with Zulu-tek, Inc. (OTC Bulletin Board: ZULU - news), in which BrandsForLess.com would have become a privately acquired subsidiary of the Los Angeles-based company.
[HPD: What ESVS and Zulu called an acquisition, BFL called discussions. Sadly, it appears that the latter was true. This was incredibly misleading on the part of ESVS/ZULU!!! Note that all they ever intended to IPO was shares in their holding company!!! They couldn't do the real thing because they didn't yet control it. I expect that their kindergarten fantasy was to buy BFL.com, Inc. with the IPO money. Alas, it wouldn't sit still for the ritual disembowelment!!!
I'm out at $1.50, or about 28% down, and count myself fortunate ... others of you seem intent on Hari Keri (sp?), although spelling will be least on your minds as you twist on your own wee daggers]
FOURTH PRESS RELEASE
Zulu Expands E-Commerce Strategy Maintains Investment in BrandsForLess
LOS ANGELES, Feb. 24 /PRNewswire/ -- Zulu-tek, Inc. (OTC Bulletin Board: ZULU - news), an affiliate of Enhanced Services Company, Inc. (OTC: ESVS - news) announced today that it is electing to pursue its e-commerce strategy rather than to acquire BrandsForLess L.L.C. (''BFL'') as previously announced. Zulu and its affiliates will remain a significant minority shareholder of BFL and will continue to support the development of BFL's e- partment business model.
[HPD: Whoa, my head's spinning!! (What's that song Party?) Now we're back where they started and they won't be acquiring the LLC company after all, although they DID complete the acquisition of Brands For Less.com (Holdings), Inc. from their pal ESVS]
I want to know how Chmiel can front for that collection of outward facing rats asses ... well, perhaps more should be read into the 4 month stint at Barnes&Noble and the subsequent gag order ... we haven't heard from Mr. Glassberg ... his reputation was a cut above this lot when he parachuted in; perhaps he is donning the mask and crawling through the rubble towards the sturdiest part of the Zulu edifice -- the Revolving Door!
Of course all of the above is mere speculation, as I have always admitted ... |
