siliconinvestor.com
To: Skeeter Bug (195 )
From: PUHRTY Thursday, Oct 16 1997 7:01PM ET
Reply # of 326
Some of the cartel member's have asked that I provide evidence for my claims. Well here is the evidence.
In almost all public companies the shares issued to management are
restricted for 12 months or more. Morgan and Breton wanted to issue
themselves shares that they could sell immediately. To do this Morgan
and Breton used deception. They registered 2,000,0000 shares with the
SEC, as part of an Employee Stock Option Plan. Securities laws allow
these shares to be immediately resold. Morgan and Breton told investors
these shares would be used to attract and retain employees and to
supplement employees cash compensation. Contrary to what was told to
investors, Morgan and Breton issued all the shares to themselves and a
stock promoter named Mike Zapara, leaving nothing for employees. At the time, Olympus had a total of 1,000,000 shares issued. Morgan, Breton,and Zapara helped themselves to 2,000,000 shares, worth $5,000,000 today.
A $5,000,000 payday would satisfy most stock promoters, but Morgan and Breton weren't done with investors yet. They secretly granted themselves a option to purchase 4,000,000 shares, having a market value of $10,000,000. As directors of Olympus and obligated to act in the best interest of the shareholders, Morgan and Breton agreed to pay Olympus $4,000 for the $10,000,000 block.
Sounds incredible? You can read all about in the 8-K filed October 9th on page 14, Section3.16 Commitment to Honor Prior Obligations of Olympus. "RMCW and the Stockholders agree to ratify, honor and be bound by the prior obligations of Olympus to its current officers and directors: Gary Morgan and/or assigns, Roland Breton and/or assigns, and Joel Marcus; specificially Olympus obligations to issue said persons options to acquire an identical number of Rule 144 "restricted" shares of common stock as follows: 100,000 to Joel Marcus; and 2,000,000 each to Gary Morgan and Roland Breton. the options to be issued at at Par value to Messrs. Morgan and Breton are nondilutive and ........"
To summarize, Morgan and Breton, while supposedly acting in the best interest of investors, gifted themselves 6,000,000 shares out of a total of 7,000,000.
In addition to the questionable practices regarding affiliate rules for 144 stock, in particular, the S-8 stock they issued to themselves and sold to all of you. There now are millions of new shares issued to dilute your holdings. While you are asking for share delivery and holding on for the big short squeeze, the architects of this game are selling into the market.
GOOD LUCK! |
