where do we go on the internet to figure out how many shares are available for sale?
for a mere $42,000 approx, you can get 1,000,000 shares of buffalo chips er i mean telechips!
with all the reverse splits, etc... wonder how many are available
from edgar: ( freeedgar.com )
The number of shares of Common Stock outstanding as of March 31, 1997:
1,176,763.
(if true you could get 5% with just 85K shares approx)
what percentage of the company does this 1.1 million represent?
more
ON APRIL 21, 1997, DUE TO CASH SHORTAGES, THE COMPANY LAID OFF TWELVE EMPLOYEES, LEAVING ONLY SIX ADMINISTRATIVE AND SALES PERSONNEL INCLUDING MANAGEMENT. ON APRIL 30, 1997, THE COMPANY LAID OFF THE REMAINING EMPLOYEES AND MANAGEMENT STAFF AND CEASED GENERAL OPERATIONS. ON MAY 6, 1997, THE NASDAQ LISTING QUALIFICATIONS PANEL, BASED ON ITS MAY 1, 1997, HEARING, DETERMINED TO DELIST THE COMPANY'S SECURITIES FROM ITS NASDAQ SMALLCAP MARKET. THE COMPANY'S SECURITIES ARE CURRENTLY TRADED THROUGH THE NASD BULLETIN BOARD. ON MAY 13, 1997, AFTER EXHAUSTING ALL POSSIBILITIES FOR OBTAINING FINANCING CRUCIAL TO OPERATIONS AND COMPLETION OF PRODUCTION, MARKETING AND SALES PLANS, THE NOMINAL CASH RESERVES OF THE COMPANY WOULD NO LONGER SUPPORT RETENTION OF KEY EMPLOYEES AND PAYMENT OF VENDORS CRITICAL TO THE PRODUCTION PROCESS. AS A RESULT, THE BOARD OF DIRECTORS RETAINED THE LAW FIRM OF HALE, LANE, PEEK, DENNISON, HOWARD, ANDERSON AND PEARL OF RENO AND LAS VEGAS, NEVADA TO FILE A PETITION FOR RELIEF UNDER CHAPTER 7 OF THE BANKRUPTCY CODE. THE PETITION IS EXPECTED TO BE FILED SOMETIME BEFORE MAY 30, 1997. THE OFFICERS OF THE COMPANY ARE CURRENTLY MAKING THE NECESSARY PREPARATIONS TO TURN OVER THE ASSETS AND LIABILITIES OF THE COMPANY TO A, AS YET TO BE DETERMINED, COURT-APPOINTED TRUSTEE. AS A RESULT OF THE COMPANY'S CEASING OPERATIONS, THE NET REALIZABLE VALUE OF THE COMPANY'S ASSETS HAS BEEN SEVERELY IMPAIRED. THE CONDENSED FINANCIAL STATEMENTS AS OF MARCH 31, 1997, REFLECT THE ESTIMATED RESULTS OF THAT IMPAIRMENT.
Preferred share holders get first dibs at:
The Preferred Stock is nonvoting, has a liquidation preference
over all common shares, is subordinate to the liquidation preference of the Series A Preferred Stock and shall be entitled to payment of $1,000 per share plus dividends that have accrued.
at the time of offering there were 4000 approx series A shares and 2000 aprox series B shares... (don't know how all or if the splits affected them).
So just how much must one buy to take control of the company?
little more:
A special meeting of the stockholders was held on March 5, 1997, at the principal office of the Company at 8:30 A.M., Pacific time and adjourned to March 7, 1997, at 2:00 P.M. Pacific time, for the purpose of approving an amendment to the Company's Articles of Incorporation to effect a 1-for-15 reverse stock split of the issued and outstanding Common Stock (the "Reverse Split"); 7,777,017 shares voted in favor of the Reverse Split, 572,524 shares voted against the Reverse Split, 33,674 shares abstained from voting.
Who is running the ship?
A current report was filed on February 18, 1997 to announce the issuance of a press release relating to the resignation of its chairman, president, chief executive officer and director, C.A. Burns, and the resignation of two directors, Bruce Chatterley and Howard Phillips. |
