Mad Mouse. You hot the nail right on the head. It is very difficult for the majority of FAMH shareholders to accept that there is a small group out there (16 in 4 States) that supports the COB/CEO of this company.
Apparently they purchased 10,000,000 shares in the 30 to 50¢ range and now therefore are looking at a loss of approx. $4.7 million. Arif Adam in less than a year has led Firamada to a 95% loss in market cap and without paying payroll taxes (we believe the company owes the IRS approximately $4.5 million). Not only do we believe the company is insolvent, as stated by the company's CFO during our meeting at FAMH headquarters on 2/10/99, but the liabilities are growing. We are learning that other bills have not been paid. e.g., Remember Anna Love and Preferred Financial Marketing. She claims that FAMH owes Preferred $70,000 for the shareholder conference calls.
So who is WalterTx and this brave, misinformed group of souls supporting Arif Adam?
We still do not know but here is some conjecture for you.
1. To support Arif Adam, given his track record, requires a stomache for non-performance that goes beyond anything that I can muster. So maybe this suggests WalterTx is an Adam family member.
2. During a conversation between Cleve Powell (FSAAA's lead counsel) and Neil Liebman (attorney for FAMH based in Houston), Liebman claimed that the 4.2 million shares that were issued to Liebman and Oesch on 3/25/98 from the FAMH treasury were returned to the company. We do not know what has happened to those shares since that action. Were they returned to the treasury, were they sold, were they "given" to somebody else. Let's just suppose they went to WalterTx. We do not know what has happened to these shares.
3. I stated in an earlier post that 4 million shares were awarded to Liebman Financial on 3/18/98. Again based on the conversation between Messrs. Powell and Liebman, I believe the shareholders at the 2/10/99 meeting at FAMH HQ's (I was one of them) made a transcription error and that the certificate was awarded to Leeban Financial Corp (not Liebman Financial).
4. Stock certificates were issued from the Firamada treasury on 11/19/97 and 11/20/97 for 350,000 and 200,000 shares respectively to Leeban Financial Corp. We do not what the consideration was for the issuance of these shares.
5. Based on what we now believe to be the situation, Leeban holds at least 4.55 million FAMH shares and if the 4.2 million shares returned from Liebman and Oesch also went to Leeban, their total holdings would now be 8.75 million shares.
6. So who is Leeban Financial? We don't know but we believe Leeban, spelled backwards (Nabeel) is Nabil (apoologies if my spelling is incorrect). This logic does have some merit when you think about ARIF ADAM reversed gives FIRA MADA.
7. If all this conjecture is correct, then WalterTx is Nabil Adam.
With this as background, WalterTx's position is much easier to understand....and I wish him well taking his factless and groundless position.
If we are successful, WalterTx's group may see a lot of the $4.7 million, they claim they have lost, back.
FSAAA's resolve is firm.
OUR GOAL IS SIMPLE: Remove Arif Adam ASAP and bring world class management to our company.
While there are no guarantees that we will be able to salvage Firamada, the only hope we have of recovering our investment is to right the ship and steer it on a path of profitable growth.
IF YOU WANT TO SEE ARIF ADAM REMOVED FROM HIS POSITION, JOIN FSAAA NOW!!!
FSAAA HAS FILED A PETITION FOR THE APPOINTMENT OF A RECEIVER IN HARRIS COUNTY. IF WE ARE SUCCESSFUL, THE COURT WILL APPOINT A RECEIVER WHO WILL TAKE COMPLETE CONTROL OF THE COMPANY. THE RECEIVER WILL REMAIN AS LONG AS THE COURT DEEMS IT IS NECESSARY.
TO JOIN FSAAA, CONTACT DAN PROVOST (dpp.dfw@worldnet.att.net) OR DICK LEE (at RKLlee@aol.com).
SEVERAL OF YOU SENT ME E-MAIL MESSAGES WHILE I WAS IN THE UK THIS WEEK AND I HAVE NOT RESPONDED TO YOUR REQUESTS TO JOIN UP. APOLOGIES, WE WILL GET THE INFORMATION OUT TO YOU LATER TODAY.
With best regards, LTBFV through FSAAA, Dick |
