OK, JWC. I don't know how many shares will be affected and at what
discount they will be sold, but I received some information from
Disclosure Inc. ( I have to send them $1.75 ), which is the company
that handles requests to the SEC about filings.
The three TSIG people who are listed in the documents I received are
Robert P. Gordon, Paul W. Henry and James H. Guild. No surprises
there.
The only signature I see is Robert P. Gordon's and the date is
11/25/98. The party making the loan is GRADY & HATCH of 20 Exchange
Place, 49th Floor, New York.
The aggregate offering price is $2,500,000. The amount already sold
is $800,000.00.
Expenses listed:
Transfer Agent's Fees $4,000.00
Printing and Engraving costs $500.00
Legal Fees $75,000.00
Sales commissions ( this amount surprised me ) $325,000.00
Other expenses $10,000.00
Total $414,500.00
Adjusted gross proceeds to the issuer ( TSIG ) $2,085,500.00
Then, there is
Payments to
Officers
Directors & Payments to
Affiliates others
Salaries and fees $42,000.00
Acquisition of other businesses $50,000.00
Repayment of indebtedness $75,000.00
Working capital $1,918,500.00
Column totals $117,000.00 $1,968,500.00
Total payments listed $2.085,500.00
I admit that I don't fully understand everything listed above, but it
seems like TSIG effectively got less than two million dollars for
taking on debt of $2,500,000 which will be repaid with company stock
at a discounted price. I don't know what that discount is.
See, now don't say I never do my own DD :-)
Regards
BE |
