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Technology Stocks : 2TheMart.com TMRT -- Ignore unavailable to you. Want to Upgrade?

To: trader14U who wrote (1178)	8/31/1999 11:24:00 AM
From: StockDung	Respond to of 1494

These 2 CRIM attorneys Magliarditi and Rubeil are getting desperate. They know the heat is on them from the SEC and that Class Action suits LOOM. What ever they do it will not help them. Their past actions will be their downfall.

To: trader14U who wrote (1178)	8/31/1999 11:37:00 AM
From: StockDung	Respond to of 1494

2TheMartcom Borrows Cash From Its CEO as Stock Offering Stalls Irvine, California, Aug. 31 (Bloomberg) -- 2TheMart.com said it will borrow up to $2 million from its chief executive after the Internet auction company's effort to raise $10 million in a private stock sale raised just $530,000. The Irvine, California-based company owes International Business Machines Corp. $7.8 million of the $10.3 million cost of building a Web site to compete with online auction leader eBay.com. It had $2.1 million of cash remaining on June 30, it said last week. The site won't be ready until the fourth quarter. Since the company began trying to sell 1 million shares at $10 each in a private placement on July 12, its stock has fallen 60 percent, making the offering unattractive. So far this year, the company has raised $6.4 million with private stock sales at prices as much as 95 percent below market. ''This loan clearly shows my confidence in the 2TheMart.com team, concept and potential,'' CEO Steven Rebeil said in a press release. The company's stock rose 11/32 to 7 in early trading. A company spokesman wasn't able to provide details of the loan, announced this morning. Rebeil owns 35 percent of the company. He paid $850 for his 8.5 million shares. The company, created eight months ago, said on Jan. 13 its site was in ''final development'' and would open in the second quarter. That sent its shares soaring from 2 to 50 in a week, giving it a market value of $1 billion. First Filing In its first-ever filing with the Securities and Exchange Commission last week, it said it didn't hire IBM to build its site until May 28 -- near the end of the second quarter. The Web site's projected completion date is now Oct. 8, according to a copy of the IBM contract included with the filing. In the filing, Grant Thornton LLP, the company's outside auditor, warned the company's survival depends on, among other things, ''obtaining additional capital, meeting other obligations under various agreements and achieving satisfactory levels of profitable operations.'' 2TheMart lost $1.9 million between Jan. 8, when it began business, and June 30. Since June 30, it raised $530,000 from its latest private placement and obtained a $500,000 loan from an unidentified shareholder. The average sales price of the company's $6.4 million of private stock sales this year was 1 3/8. Aug/31/1999 10:50 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.