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.

Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Janice Shell who wrote (186)	9/30/2000 4:55:07 PM
From: Arcane Lore	Respond to of 228

From Alan Abelson's column in this week's Barrons: [...] While we're looking back, on November 29, 1999, we penned a piece on Countryland Wellness Resorts. The company was trying to sell stock and had put out a kind of roughhewn red herring that smelled distinctly fishy. For one thing, it listed Morgan Stanley as the lead underwriter, but Morgan Stanley, it emerged, was completely ignorant of offering and company. Billing itself as a gold and silver mining outfit, Countryland said it planned to establish a resort where folks could learn to live longer through its exclusive Life Extension Program. Some Abbott-and-Costello conversation with the head man, a Dr. Cruz, did nothing to quell our skepticism. The spoilsport SEC has cracked down. Among the agency's charges: "Dirt stored in a warehouse was reported as gold" worth as much as $27.3 million; mining reserves, carried at up to $2.1 billion, were never proved up; and Indonesian bank guarantees, listed as worth $400 million-$1.1 billion, didn't exist. Doesn't look like we'll get to take that Life Extension Program, after all. Who cheered? interactive.wsj.com

To: Janice Shell who wrote (186)	10/1/2000 12:00:02 PM
From: lvenavenger	Read Replies (3) \| Respond to of 228

At least we know the SEC is doing something. Perhaps when the Jackpot deal is finally investigated these scam artists will be punished more severely. As far as deserving to lose our money because we invested with this company remember everything possible was done to hide the identity of LVEN's financial backers (Cruz and company). Investors are not that stupid. If we had known where the money was coming from the situation would have been much different. I also never saw the name of Cruz mentioned in all those months preceding the Jackpot deal on any of the message boards. His name surfaced just as the SEC was about to halt trading. By then of course it was too late. You have been following this company for a while. What did you know?