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 : MILLIONAIRE. COM........( MLRE ) -- Ignore unavailable to you. Want to Upgrade?

To: Bear Down who wrote (2646)	4/17/2002 3:37:17 PM
From: StockDung	Respond to of 2664

Another one bites the dust - Queen (25.4kb) ????: 1266 sunncity.com

To: Bear Down who wrote (2646)	3/20/2003 7:21:56 PM
From: StockDung	Respond to of 2664

DID YOU HEAR THE ONE ABOUT LANCER OFFSHORE INC. AND MILLIONAIRE.COM? Share ownership is based on 10,977,237 shares of common stock outstanding on December 31, 2001. Unless otherwise noted, the address of each shareholder is c/o Millionaire.com, 18 Plantation Park Drive, Bluffton, SC 29910. Percent of Shares Beneficially Name and Address of Beneficial Owner Number of Shares Owned W. Kenneth Costanzo 112,000 1% 112 Meilland Drive Greer, SC 29650 Lynn Dixon 877,357 8% 311 S. State Street Salt Lake City, UT 84111 Douglas Lambert and Jenny Lambert 470,000 5.2% 1924 Bayhill Drive Las Vegas, NV 89117 Lancer Offshore Inc. (1) 1,250,000 4.3% 375 Park Avenue, Suite 2006 New York, NY 10152 Frank Osborne 160,000 1.5% 1 Stillwater Lane Bluffton, SC 29910 David Strong 160,000 1.5% 30 Wimbledon Court ~ 9A Hilton Head Island, SC 29920 --------------------------------------------------- LANCER OFF IRISH STOCK EXCHANGE By CHRISTOPHER BYRON -------------------------------------------------------------------------------- March 20, 2003 -- The bad news keeps coming for Park Avenue's teetering Lancer hedge fund empire. Yesterday the company disclosed that its flagship operation, the Lancer Offshore Fund, has been suspended from listing on the Irish Stock Exchange. The news is the latest setback for the once high-flying Lancer family of funds, which said last autumn it had more than $1 billion of assets under management. Now the group, headed by an ex-Wall Street analyst Michael Lauer, is struggling to meet redemption demands from investors worried about the quality of Lancer's audits and the stocks in its portfolios. Lancer's problems began to mount last summer after the U.S. Department of Justice charged a man identified as a Lancer managing director named Bruce D. Cowen with conspiring to bribe an FBI undercover agent, using stock held in a Lancer portfolio. SEC filings show that Cowen, who is currently under a five-year SEC ban from serving as an officer or director of a U.S. public company, has been a joint investor with Lancer in at least 10 different companies. Lancer and Lauer are now suing The Post for its coverage of the matter. According to yesterday's press release, issued by the Irish Stock Exchange, where many offshore hedge funds are quoted, the Lancer suspension followed an announcement by Lancer in early January that Lancer Offshore would cease redeeming its shares for cash and instead issue investors shares in a new fund containing assets identical to the existing fund. The press release said the arrangement "may not comply with the requirements of the Irish Stock Exchange," and that the Lancer Offshore listing was being suspended until the matter could be resolved. The heart of the Lancer problem appears to be the ultra-generous valuations given by the company to the stocks in its portfolio, the bulk of which look to be illiquid penny stocks. One such company, Biometrics Security Technology Inc., is now trading on the OTC Bulletin Board for $3 - giving the company a market value of $314 million - even though 97 percent of its stock is held by Lancer. The company's latest address is listed in a Dec. 20, 2002, SEC filing as Suite 305W of 1900 Corporate Park, Boca Raton, Fla., and the company's president as Laurence S. Isaacson. But two other companies in which SEC filings show Lancer to have recently held 97 percent stakes - Lionshare Corp., and Centrack International Inc. - use the same address and phone number as Biometric. What's more, the same people seem to shuffle back and forth through all three. Thus, SEC filings identify Isaacson (the current CEO of Biometric) as the former CEO of Centrack. Other filings show an individual named George Weast as the former CEO of Centrack as well as the CEO of Lionshare. Last month, Weast stepped aside to make room for the current CFO of Biometric, Jeff Baracos, to succeed him as CEO of Lionshare. Isaacson himself is listed in SEC filings as not only the past or present head of both Biometric and Centrack, but as CEO of Thornhill Group Inc., which also uses the 1900 Corporate Park address. Filings with the National Association of Securities Dealers list Thornhill as a NASD broker/dealer. For more information and headlines on this company CLICK HERE

To: Bear Down who wrote (2646)	3/20/2003 7:34:31 PM
From: StockDung	Respond to of 2664

lANCER ALSO FOND OF U.S PLASTIC AND LUMBER Lancer Partners, L.P.(10) 500,000 2.9% 200 Park Ave., Ste 3900 New York, NY 10166 Michael Lauer(10) 50,000 * 200 Park Ave., Ste 3900 New York, NY 10166 Lancer Voyager Fund(10) 50,000 * 200 Park Ave., Ste 3900 New York, NY 10166 Lancer Offshore, Inc.(10) 511,111 2.9% 200 Park Ave., Ste 3900 New York, NY 10166

To: Bear Down who wrote (2646)	3/28/2003 10:58:28 AM
From: StockDung	Respond to of 2664

WIFE OF STOCK PROMOTER RESIGNS FROM FIRM TIED TO LANCER GROUP By CHRISTOPHER BYRON March 28, 2003 -- The wife of a California stock promoter now awaiting trial on federal kickback charges has resigned from a New York-based company that figures in the Lancer Group hedge fund affair, The Post has learned. The woman, Kathryn Braithwaite, stepped down last November as a director of a onetime garment industry company known as Stage II Apparel, which trades on the American Stock Exchange under the name Magic Lantern Group. A source at the Amex, who declined to be identified, said the Braithwaite resignation came after exchange officials questioned her role at Magic Lantern. The source said the Amex's concerns developed after officials learned that Braithwaite's husband, Bruce D. Cowen, is accused of attempting to sell $5 million worth of unregistered penny stock illegally to an undercover FBI agent. Cowen's trial is scheduled to begin in Miami in June. The Lancer hedge fund group, which currently owns roughly 48 percent of Magic Lantern's shares, claimed last autumn to have more than $1 billion under management. But the Park Avenue-based fund family, which is suing The Post for its coverage of its problems, is beset with redemption difficulties that began last summer. That's when an audit of the company's flagship Lancer Offshore fund caused investors to begin questioning the value of the fund's holdings. Morgan Stanley, an investor in one of the Lancer funds, is suing Lancer for refusing to turn over an audited financial statement of the fund's accounts. SEC filings show that controlling blocks of many companies in the Lancer portfolio are troubled penny stocks held by the same group of three or four individuals. Cowen owns a small block of Magic Lantern's stock through a California-based business consulting firm called Capital Research Ltd. Phone calls to the Cowen-Braithwaite residence in San Juan Capistrano, Calif., were not returned.

To: Bear Down who wrote (2646)	7/11/2003 10:38:40 AM
From: StockDung	Respond to of 2664

.FEDS CHARGE LANCER WITH FRAUD, SEIZE ASSETS By CHRISTOPHER BYRON July 11, 2003 -- Federal regulators have seized the assets of New York's Lancer Group of hedge funds, charging the Park Avenue money group with a broad array of fraudulent activities. The Lancer Group, headed by a onetime Wall Street analyst named Michael Lauer, was the subject of a series of stories in The Post that questioned the group's accounting practices and its involvement with known white-collar criminals. Lancer and Lauer are suing The Post for libel. The federal action, which came yesterday by a Miami federal court on an emergency petition by the Securities and Exchange Commission, blocks Lauer and his group from access to any of the fund's assets prior to a court hearing next week on a variety of SEC charges. The regulators assert that the Lancer fund group, which recently claimed to have assets of more than $1 billion under management, has been engaged for more than the last three years in a scheme to fraudulently inflate the performance and stated values of certain "virtually worthless" assets on the group's books. The regulators assert that the group accomplished this by "systematically manipulating" month-end closing prices of various stocks held by the group. The regulators also charge that the group provided "unfounded and unrealistic valuation opinions" to its auditors as well as made numerous false and misleading statements in its marketing materials. The SEC charges that Lauer, who races sports cars and has produced several recent Hollywood movies, is the "control person" for the group. The regulators are seeking an accounting of the group's assets, plus the imposition of fines and a permanent injunction against further fraud. Another of Lancer's other top people, Bruce Cowen, is facing federal felony charges in Miami in connection with one of group's many investments in essentially worthless penny stocks.