Never mind the beer. Time to get down to some serious Smiting. Let's return once again to the subject of Titan Investments, dba Total Concepts.
Here's the background:
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As noted, Bob Quiel received his extremely cheap (10 cents a pop) shares of AZNT from Titan, but doesn't seem to have more than a vague idea who they are:
12 Q. What is the largest block of Amazon shares that you've
13 acquired at one time?
14 A. I don't know. The largest block probably 140,000 shares.
15 Q. When did you do that?
16 A. Don't have the date. It was probably around -- I don't
17 know -- September, maybe.
18 Q. Of 19987
19 A. Yeah.
20 Q. At that time did you do that through a broker dealer?
21 A. No.
22 Q. Who did you acquire the shares from?
23 A. I bought those directly from Titan Investments.
24 Q. Who is the principal of Titan?
25 A. The name escapes me at the moment.
ASSOCIATED REPORTERS OF NEVADA (702) 382-8778
QUILL - CROSS 146
1 Q. Have you ever known Titan Investments to do business as
2 Total Concept International?
3 A. No, I've never known that.
4 Q. Have you ever understood that Michael Sylver had any
5 connection with Titan?
6 A. No.
7 Q. When you acquired 140,000 shares of Amazon stock from
8 Titan what did you pay?
9 A. I don't recall.
10 Q. More than $17
tl A. It was -- might have been ten cents a share or something
12 like that. I don't remember.
13 Q. Did you receive a certificate?
14 A. Uh-huh.
15 Q. Is that a yes?
16 A. Yes.
17 Q. And did you track through to find out what certificate
18 Titan had received by which you could acquire 140,000 shares?
19 A. Did I track through?
20 Q. Did the certificate you have a restrictive legend on it?
21 A. Yes.
22 Q. Stamped in red?
23 A. Pardon me?
24 Q. Stamped in red?
25 A. Yes.
ASSOCIATED REPORTERS OF NEVADA (702) 382-8778
QUILL - CROSS 147
1 Q. Who did you actually acquire the certificate from?
2 A. Titan Investments.
3 Q. was a transfer agent involved?
4 A. When they transferred the shares, yes.
5 Q. What was the name of the transfer agency?
6 A. At the time I don't remember.
7 Q. Did that transaction occur something along this lines that
8 Titan told the transfer agency to issue 140,000 shares of its
9 shares to you?
10 A. Yes.
11 Q. Then that transfer agency issued the shares to you in your
12 own name?
13 A. Yes.
14 Q. Was that ten cents per share paid through an escrow?
15 A. No.
16 Q. It was paid directly to Titan?
17 A. Right.
18 Q. Did you ever acquire any Amazon shares directly from
19 Amazon?
20 A. Not that I recall.
21 Q. So you've acquired all Amazon shares from other
22 shareholders of Amazon?
23 A. To my best of my knowledge, yes.
24 Q. Did you acquire any shares from Titan other than the
25 140,000 shares?
ASSOCIATED REPORTERS OF NEVADA (702) 382-8778
QUILL - CROSS 148
1 A. I can't remember that. Might have, but I just don't
2 recall.
Why, I wonder, would Quiel have been offered deeply discounted shares by Titan if Titan had no connection at all with Mike Sylver? And to refresh Bob's memory, by September Mikey's already gone self-transfer, so the agent who presumably dealt with the transaction was Mikey himself.
I've been told that Quiel was scarcely the only person who received free or discounted shares from Titan last fall: at least seven other people did as well. How many shares are we talking about in all? I don't know, but I'd guess over half a million, maybe well over.
How many shares did Titan hold before these transactions were effected, and how many does it hold now? Who knows? In the 1997 10K, no Titan stock figures among the "insider common" that supposedly was converted to preferred in November 1998:
On November 10, 1998, the Company cancelled the following shares of Common issued to the Principals (and related parties) and exchanged them for preferred voting only shares:
Name Number of Shares Exchanged
Michael A. Sylver 17,169,813
Gary Sylver 1,999,000
Morris Sylver 10,000,000
Darral Sylver 152,000
Phillip Sylver 152,000
Robert S. Qualey 5,222,000
Domingos Loricchio 7,110,000
Domingos Loricchio Jr. 5,500,000
Denise Loricchio 3,000,000
Roc and Sherri Pucci Jt Ten 1,814,300
Allan Sylver 305,000
Benita Sylver 371,000
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Total Shares Exchanged 52,795,113
It would appear that though Titan is a Sylver entity, the common stock it held and/or holds is not considered to be "insider". Titan is, it seems, the usual source of free or discounted stock given to supporters of the company. How often does its supply of securities need to be replenished?
How much new stock has been issued to Titan since Mike Sylver became his own transfer agent? |
