Boiler Room Stock Update. My Favorite Possino Boiler Room Stock, Junum Inc which goes the same path for Coulter as Esat Inc. The Junum story is on of Wall Streets marvels as the crooks sold millions of shares to the unsuspecting public.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):September 4, 2002
JUNUM INCORPORATED
(Exact name of registrant as specified in charter)
DELAWARE 000-21566 84-1219819
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1590 Corporate Drive, Costa Mesa, California 92626
(Address of principal executive offices) (Zip Code)
(Former name or former address, if changed since last report.)
(Former name or former address, if changed since last report.)
Registrant's telephone number, including area code: (714)979-5063
Item 2. Acquisition or Disposition of Assets
The attached Exhibits are incorporated by reference herein, and the descriptions
set forth below are qualified in their entirety by reference to the Exhibits.
On August 28, 2002, the shareholders, acting by written consent, voted to
appoint Larry Reed and Bryan Stokes as members of the Board of Directors. On
September 8, 2002, at a special meeting of the Board of Directors, the Board
voted to terminate the employment of David Coulter, the Company's then sole
officer and director, effective immediately.
At the Board Meeting, the Company's secured creditors proposed to forgive a
portion of the secured debt, and accept certain assets of the Company in
satisfaction of the balance of the secured debt. The Board of Directors voted to
accept the proposal by the Company's secured creditors, and substantially all
operating assets of the Company and its subsidiaries were transferred to the
secured creditors.
The total balance of the secured debt was approximately $1,400,000, plus accrued
interest and other charges. All of the assets of the Company were pledged as
collateral to secure repayment of the secured debt. The secured creditors agreed
to relinquish its security interest and claims to a non-performing debt
portfolio currently carried by the Company on its books at a value of
approximately $5,820,000, which represents approximately 87% of the total assets
of the Company. In addition, the Secured Creditors agreed to pay up to $100,000
to the Debtor for the purpose of repaying other creditors, all to be determined
by the secured creditors in their sole discretion. The payment will be made
within 18 months.
Accordingly, the assets turned over to the secured creditors (the "Assets"),
which were carried on the Company's consolidated books at a book value of
approximately $900,000, represent approximately 13% of the aggregate book value
of the total assets of the Company. However, the Assets represent all of the
operating assets of the Company's credit repair and related businesses.
Therefore, the Company intends to discontinue its credit repair, credit
management, credit education and related businesses, which have historically
been responsible for generating all revenues of the Company, and its only asset
after transfer of the Assets will be the non-performing debt portfolio.
Item 5. Other Events
The shareholders of the company appointed Larry Reed and Bryan Stokes as members
of the Board of Directors.
Bryan Stokes, age 34, has been a consultant and software producer for the last
five years. In addition, he has served as technical support manager for
Shango.com, an internet service provider.
Larry Reed, age 68, received his BS in Business Administration in 1961, and
attended Georgetown Law School from 1962 to 1965. Mr. Reed has been in the
construction and building industry for 35 years. Mr. Reed was president of
Gianone Development Corp from 1965 to 1971, and CEO of Cal-Mode Development from
1971 to 1985. Mr. Reed is currently seeking development opportunities. In or
about 1996, Mr. Reed was charged with attempted insurance fraud related to an
insurance claim submitted in connection with a fire. There has not been a trial
in that matter, and the matter is still pending. In 2001, Mr. Reed was convicted
of bankruptcy fraud, and was sentenced to probation.
Item 7. Exhibits
Exhibit No. Description
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JUNUM INCORPORATED
/s/ Bryan Stokes
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Bryan Stokes, President |
