Well it is typical of your response to attack me rather than the paltry news that the company has put forward in this release. With its track record of results in Belize, in light of their announcements at the time, it is hard to imagine what the real outcome of simply making an application for a thrift will be. (It is no wonder to me as to why Mary Feder would not want to continue with these guys, the "official" propaganda personal reasons announcement aside.)
Under the terms of the agreement, PanAmerican and FirstStates will file to form a federally chartered thrift institution and offer a wide variety of financial services for the new millennium, including nation-wide mortgages, CDs, and other banking services. This joint venture is expected to effectively position PanAmerican BanCorp in the banking industry, bringing the added value of credit, risk solutions and banking services under one roof. This joint venture will also provide liquidity to the divisions of PanAmerican BanCorp.
Everything is in the future on this deal as well. The percentage participation not spelled out here. Joint does not mean equal even. PanAm still has no identified assets by this agreement.
There is no assurance whatsoever that they will accomplish any of this. It would be a big mistake to assume that since the name of the stock has changed to that of a former banking entity and that they are applying for a thrift license that they will or can become such a banking entity. It is not at all clear that Pan Am has any assets to begin with. So what exactly does Pan Am bring to the table? Management? No, they are bringing in outsiders. And John Schmitz looks to me like no star. Assets? Not likely with a market cap of only $16M. (Should I mention that no financials are forthcoming?)
As PABN stands now, they are a hodgepodge of incomplete beginnings getting yet again more complex, with no visible assets. |
