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Microcap & Penny Stocks : Shells With Cash: Let's Find Them! -- Ignore unavailable to you. Want to Upgrade?

To: Joey Two-Cents who wrote (49)	3/11/2000 9:40:00 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 67

They also have some rental property that is being carried on the books at $827,096. From the recent Form 10-Q: sec.gov 3. Rental property Real estate owned consists of a shopping center (the "Center") located in Grand Rapids, Michigan. Approximately 12.5% of the Center is leased to a tenant on a month-to-month basis. Minimum rent in connection with this tenant is $3,500 per month. The remaining 87.5% of the Center is vacant. More importantly, shareholders are at the mercy of First Lincoln Holdings, which owns 83.48% of the stock. Do you know if they have any plans for the shell. From the Form 10-k filed last March: sec.gov First Lincoln Holdings, Inc., a Delaware corporation, beneficially owns 72,867,965 shares of the Company's common stock, which represents 83.48% of the Company's outstanding common stock. Of that aggregate number of shares, First Lincoln Holdings, Inc. is the record owner of 1,010,000 shares and Evergreen Acceptance Corporation, a Delaware corporation and a wholly owned subsidiary of First Lincoln Holdings, Inc., is the record owner of 71,857,965 shares. Martin Oliner, who is a director of the Company, is the Chairman of the Board of Directors, President, Chief Executive Officer and sole stockholder of First Lincoln Holdings, Inc. The nature and direction of the future business and operations of the Company are uncertain. The Company has commenced preliminary negotiations with First Lincoln Holdings, Inc. regarding a cash merger transaction which, if consummated, would result in all stockholders other than First Lincoln Holdings, Inc. and Evergreen Acceptance Corporation receiving cash in exchange for their shares of the Company's common stock. Following consummation of the transaction, First Lincoln Holdings, Inc. and Evergreen Acceptance Corporation would be the Company's only stockholders.