Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Zia Sun(zsun) -- Ignore unavailable to you. Want to Upgrade?

To: Francois Goelo who wrote (7083)	3/25/2000 1:14:00 AM
From: Frank_Ching	Respond to of 10354

Surely that bunch have run out of money by now and would find it hard to have themselves properly represented. Poor things, JUDGEMENT DAY is coming.

To: Francois Goelo who wrote (7083)	3/25/2000 10:26:00 AM
From: StockDung	Read Replies (1) \| Respond to of 10354

K-Man boy with more threats. Typical. Penny stock pimp and thug.

To: Francois Goelo who wrote (7083)	3/25/2000 10:53:00 AM
From: who cares?	Read Replies (1) \| Respond to of 10354

ZSUN LAWSUIT IS BACK ON No such thing as the case being dismissed Duh, Francoise if, and it's a big if considering your long history of posting untruths, the lawsuit is back on, wouldn't this imply that at some point the lawsuit was off? If I was a shareholder in this POS I would of course sell before I get massively diluted by the OIA guys getting their shares and needing to sell some to pay the tax man, but I would also be screaming bloody murder at the company to 1. quit blowing my money as a shareholder suing people that post facts on a message board 2. Quit wasting time putting out multiple PR's lauding the "projected" first quarter performance of OIA(which is bad news for shareholders) and instead get the 4th quarter financials out. Most profitable and unprofitable internet companies managed to get their Q4 99 numbers filed the first couple of weeks of January and in 2 weeks will begin filing their Q1 2000 numbers. It would terrify me to be invested in a company that after 6 months still doesn't have their 10 SB approved and hasn't filed any financials in many a moon. We all know the last time ZSUN drug their feet about financials it was this time last year when they skipped giving the numbers for a quarter so they didn't have to report a loss. Surely with the OIA profits they couldn't lose money, so that should make one wonder what other bad reason they would have for dragging their feet and looking so unprofessional. Then again maybe ZSUN isn't profitable any more, after all in their latest PR they described themselves as "a US Internet holding company" instead of the more pretentious "profitable Internet holding company" that they've always used up until this point. I'll give them the benefit of the doubt and figure they finally caught on to how amateurish that sounded. CMB

To: Francois Goelo who wrote (7083)	3/25/2000 2:16:00 PM
From: Sir Auric Goldfinger	Respond to of 10354

Manhattan Fund Suit Accuses Bear Stearns of Improper Conduct By Erin E. Arvedlund The legal fallout from the collapse of the Manhattan Investment Fund is escalating. Cromer Finance, an investor in the now-bankrupt hedge fund, filed a class-action suit Friday against manager Michael Berger and others, including Bear Stearns, which it contends bent margin rules on Berger's behalf. The lawsuit also accuses the hedge fund's administrators, auditors and accountants of engaging in "reckless conduct" and alleges that Bear Stearns was aware relatively early that "false financial information with respect to [Manhattan] was being provided to investors" and "warned investors with whom it had a prior business relationship to sell their interests in the hedge fund prior to its collapse." The suit, filed in U.S. District Court in Manhattan, also alleges that Bear Stearns extended margin credit in excess of its internal, New York Stock Exchange and generally accepted limits. In the absence of the improper margin credit provided by Bear Stearns, "the scheme to defraud investors of the hedge fund would have collapsed early on," the complaint contends. Among others named as defendants are Deloitte & Touche and Fund Administration Services (Bermuda), which is owned by Ernst & Young. None of the defendants could be reached for comment after Barron's learned of the suit Friday evening. Lawyers for Cromer Financial, an investment corporation based in the British Virgin Islands, wouldn't comment on the amount of damages they are seeking, but the suit maintained that the hedge fund had lost "in excess of $400 million." The suit was originally posted on Hedgefund.net, an online hedge fund tracker. Although Berger, a native of Austria, is named as a defendant, the fund itself isn't, because it recently filed for Chapter 11 bankruptcy. A court-appointed receiver filed the petition in early March in U.S. Bankruptcy Court in Manhattan, estimating that the fund had about $36 million in assets and more than $100 million in debts. At the time, Helen Gredd, Manhattan Capital receiver and attorney at the New York law firm of Lankler Siffert & Wohl, noted that the U.S. Bankruptcy Code automatically provides a stay of any litigation against a debtor in Chapter 11 proceedings. The court action adds to the legal woes of Berger. The SEC already has filed a civil suit against him, alleging that he engaged in a massive fraud. As was earlier reported in Barron's ("Boom! A Best Against Stocks Blows Up Fund,' January 17), Berger began soliciting money from investors in 1996 to sell short Internet stocks. With an allegedly fictional track record, Berger attracted more than $350 million from investors. As the bull market raced ahead, his strategy backfired and, regulators have charged, he began creating fictional account statements. The alleged deception first surfaced in January when the fund's auditor, Deloitte & Touche (Bermuda), withdrew its opinion on the fund's financial statements for 1996 through 1998. On January 12, fund administrator Fund Administration Services (Bermuda) resigned, and shortly thereafter, Berger informed investors that statements regarding the fund's performance and value were inaccurate. Six days later, the SEC filed its suit against Berger and the fund in the U.S. District Court in Manhattan, accusing Berger of defrauding investors out of more than $300 million by hiding the fund's losses. Specifically, the SEC alleged that Berger since 1996 used daily account statements from its broker Bear Stearns Cos. summarizing the value of the fund's holdings and to create fictitious account statements. The latest lawsuit, in seeking class-action status, doesn't specify how many people and institutions invested in the fund, but it estimates that there are at least 300 in the U.S. and Europe