Freddie: The answer is "We do not know". We obviously cannot confirm that WalterTx is Nabil Adam, this is hypothesis on my part. I think it's an interesting hypothesis, it appears to hang together and there are some facts that support it.
When we inspected Firamada's corporate book during our meeting with Michael Sukey, the company CFO, in Long Beach on February 10, 1999 we found the following:
1. There were copies of 47 stock certificates. The total number of shares issued was 27,090,666.
2. These certificates were issued during the period 10/6/97 through 4/27/98.
3. The largest blocks of shares issued were as follows (Issued to, Number of shares and date of issuance):
Liebman and Oesch, 4,200,000; 3/25/98
Nesbitt Burns, 4,000,000; 4/27/98
Leeban Financial Corp, 4,000,000; 3/18/98.
Jenmal Development Corp, 1,000,000; 1/27/98
Jenmal Development Corp, 1,000,000; 3/18/98.
Bristol Asset Management, 1,000,000; 3/3/98.
UFH Endowment, 967,330;, 12/1/97
Autostat, Anstal and Schan, 936,330; 12/1/97.
Autostat, Anstal and Schan, 762,196; 10/16/97 (?) the year is not clear.
UFH Endowment, 762,195; 10/16/97 (?) the year is not clear.
Sage Capital, 625,000; 10/21/97.
4. In some instances there was a board resolution requiring the issuance of the stock and in other cases there was not a copy of a board resolution.
5. There was no paper trail with the certificates, i.e., we do not know from the information we inspected why the shares were issued, what service was performed, what the value of the FAMH stock was, the monies that were received by the company, addresses, phone numbers, etc. This does not mean that the paper trail does not exist, it was not contained in the corporate book.
6. We asked Michael Sukey the following question for each of the 47 certificates, "Who is this and why were the shares issued?" He stated he did not know any of these people or the companies and did not know why they were issued except in one instance, he thought Jenmal was something do to do with Ira Monas but he was not sure (there were five certificates issued to Jenmal for a total of 2,750,000 shares during the period 11/19/97 to 3/18/98). In fairness to Sukey: a. He was not there when these certificates were issued and b. It was he, he claims, who started to put the corporate book together after he arrived at Firamada. He stated, "There was no corporate book before I arrived, so I started to put it together".
7. The infamous block of 12,500,000 shares issued to Arif Adam was not in this group of 47 certificates, so if you include these, we have at least some information on 39,590,666 FAMH shares that were a part of the increase in shares outstanding.
We did not ask the question, "Does the SEC have this information?" I assumed they did and probably a lot more.
For those that are reading this and you want more information about what we are doing, contact Dan Provost (dpp.dfw@worldnet.att.net) or Dick Lee (RKLlee@aol.com). We are two members of the FSAAA Steering Team.
FSAAA (Firamamda Shareholders Against Arif Adam) was formed for a single purpose: REMOVE ARIF ADAM FROM THIS COMPANY ASAP.
Since FSAAA was started on 1/22/99, we have made a lot of progress and achieved some significant results (two examples below):
1. We forced the company to cancel the annual shareholders meeting scheduled for 2/10/99.
2. We have filed a petition with the Harris County Court in TX form the appointment of a receiver (if successful, the receiver would have total control of Firamada and would remain in control until the court deemed the receiver was no longer necessary).
THERE WILL BE MORE TO COME:
e.g., We plan to attend the Discovery Expo in San Francisco and hear what the company has to say about it's prospects for the future, it's financial position, etc. Should be very interesting to hear. (Wonder if they will talk about why they terminated Bob Gervais, their VP of sales and two other sales reps in the last three weeks, why they are under informal investigation by the SEC, how the company performed in 1998, why the company doesn't pay payroll taxes, etc. etc.)
JOIN UP WITH FSAAA NOW. ARIF ADAM HAS DRIVEN OUR COMPANY'S MARKET CAP DOWN BY 95% (OVER $50 MILLION) IN LESS THAN ONE YEAR AND AWARDED HIMSELF A $24,000 BONUS FOR DOING SO.
IF YOU HAVE LOST 70 TO 95% OF YOUR INVESTMENT IN THIS COMPANY, FSAAA REPRESENTS THE ONLY VIABLE SOLUTION TO RECOVERING SOME OF THAT LOST INVESTMENT. THIS COMPANY IS SERVING A HEALTHY MARKET WITH GOOD PRODUCTS AND A GREAT GROUP OF EMPLOYEES. WITH THE EXCEPTION OF THE LIABILITIES THAT IT FACES (WE DO NOT KNOW WHAT THE TOTAL LIABILITIES ARE) IT CAN BECOME A PROFITABLE GROWTH COMPANY.
ONLY ONE THING STANDS IN THE WAY: ARIF ADAM... HE HAS TO GO!!!
With best regards, LTBFV through FSAAA, Dick |
