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To: SEC-ond-chance who wrote (82492)	12/21/2002 12:09:50 PM
From: StockDung	Respond to of 122087

MORE INFORMATION COMES TO LIGHT ON THE RAY DIRKS NEW TEL COULD BE A $300 STOCK SCAM. TO DATE THE SEC, DOJ NEW YORK ATTORNEY GENERALS OFFICE AND NASDAQ HAVE NOT CHARGED RAY DIRKS IN THE ANALYST FRAUD INVESTIGATIONS EVEN THOUGH THE PROOF AGAINST HIM IS OVERWHELMING. RAYMOND L. DIRKS INTERNET RESEARCH TRIBUNAL THREAD Subject 52930 New Tel board assets chase By Geoff Elliott December 21, 2002 THE personal assets of New Tel directors are likely to be targeted by the administrators as the Perth-based telco slides into liquidation. As investigators step up an inquiry into possible insolvent trading, New Tel direc tors - led by chief executive Peter Malone - are almost certain to face legal action from the administrator, PricewaterhouseCoopers, as it hunts for money on behalf of the creditors. PWC joint administrator Phil Carter said Australia's corporate watchdog, the Australian Securities and Investments Commission, had already "formed a view on it ... that from a period of mid-October New Tel was potentially trading while insolvent". Mr Carter said he was likely to recommend to creditors - owed up to $50 million - that liquidation was the best option for New Tel, rather than a deed of company arrangement which allows companies to trade their way out of financial problems. But Mr Carter said liquidation would open the way for a "suite of actions" against directors. New Tel's other directors are Perth corporate establishment figure Harry Sorensen, US-based Mark Hake and Hong Kong-based An Zhou and Gary Koh. Directors are liable if a company has traded while insolvent. Mr Carter said actions could also be brought against others who had been acting in the capacity of directors. He refused to comment when asked if he was referring to Deloitte Touche Tohmatsu chief executive Domenic Martino, who played a role in creditor and investor meetings on behalf of Mr Malone in November. Mr Martino, who is a long-time friend of Mr Malone and shares a long corporate history with the Perth-based entrepreneur, was a director of New Tel until February this year. Mr Carter said there had been several expressions of interest in New Tel assets but he had rejected an offer from Richard Steggall and the Broadband & Wireless Ltd - a bid that also included the involvement of Mr Malone. "I've effectively terminated the discussion with Richard and with BWL," Mr Carter said. "Neither I nor the (creditor) committee believe that the offer is good enough." Mr Carter added that all of New Tel's 230 or so employees - most of whom have now been made redundant - had been paid wages owed, but superannuation and holiday entitlements were still to be paid. He gave no indication on likely returns, amid speculation that the assets would return much less than $50 million, with New Tel sources speculating on a range of $10 million to $30 million. The Australian

To: SEC-ond-chance who wrote (82492)	12/21/2002 12:13:26 PM
From: StockDung	Respond to of 122087

"And the administrators' net may catch some unlikely fish, with Mr Carter pointing out that the Corporations Law covers parties who "effectively acted as directors, or influenced the business"." Sights set on former New Tel directors By Colin Kruger December 21 2002 New Tel's administrators yesterday admitted that the company's assets would probably fall short of the $40 million to $50 million needed to cover the creditors' bill, but said that liquidation could arm them in the hunt for a new source of funds: New Tel's former directors. Administrators PricewaterhouseCoopers said yesterday that liquidation could be in the creditors' best interests. It is expected to recommend this at a creditors' meeting next month. "It would have to be a spectacular offer to tempt creditors away from liquidation at this stage," New Tel administrator Phil Carter said. While he would not speculate on likely action, Mr Carter pointed out that liquidation would give the firm a "suite of actions" against directors and other office holders. "I would believe there would be a significant opportunity cost to be forgone if we don't go down the liquidation path," he said. In liquidation, administrators can investigate and legally undo preferential payments to creditors up to six months before administration, uncommercial transactions going back two years, and related party transactions going back four years. The administrators can also take action against directors and other officers if New Tel is proven to have traded while insolvent since mid-October. And the administrators' net may catch some unlikely fish, with Mr Carter pointing out that the Corporations Law covers parties who "effectively acted as directors, or influenced the business". While he would not be drawn on who fits this profile, would-be rescuer Richard Steggall and his company BWL are alleged to have worked closely with New Tel before administration. A number of current and former New Tel directors could also face closer scrutiny through the provisions for related party transactions. New Tel's accounts have revealed that Deloitte Touche Tohmatsu, headed by former New Tel director Dominic Martino, received $4.7 million in consulting fees alone in the 2000 and 2001 financial years. Law firm Freehills & Associates received about $2 million over the same period while the firm's partner Paul Evans was a director. Another $8.2 million was paid to Liao An Zhou's Hong Kong-based Xinhua Holdings, which New Tel described as a commercial arm of the Chinese Xinhua News Agency. Whatever the outcome, BWL's involvement with New Tel may be over as of this week, as formal offers presented to creditors by Mr Steggall this week were turned down. "On the basis of the discussions I had [on Thursday], I'm not expecting him to come back," Mr Carter said.

To: SEC-ond-chance who wrote (82492)	12/21/2002 7:05:56 PM
From: StockDung	Read Replies (1) \| Respond to of 122087

TODAYS BOILER ROOM BROKER REPORT DEDICATED TO THE NASDAQ WHICH CONTINUES TO LOOK THE OTHER WAY. PLUS A ADDED BONUS TO THE VICTIMS OF 800AMERICA COM INC, CONOLOG, CREATIVE HOST AND GEOFFERY EITEN OF otcfn.com National Financial Communications - Investor Relations nationalfc.com testimonials "The professionals at NFC have put me in contact with a wide range of investors. NFC's targeted direct mail and email campaigns and diligent lead management programs have generated scores of opportunities for me to grow my business. Through my relationship with NFC, I have grown my client base to an all time high." -Richard Molinsky, Retail Broker Berry Shino & Associates =============================================== Testimonials from his crd: ******* CRIMINAL ACTION (1 of 1) ***** Reporting Source: Regulator (Form U-6) Date Reported: 08/24/2000 Court Details: SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK DOCKET CASE #3282-2000 Charge Date: 07/27/2000 Charge Detail: AT ALL TIMES RELEVANT TO THIS INDICTMENT, D.H. BLAIR & CO., INC., IN NEW YORK CITY, NEW YORK, RICHARD MOLINSKY , WAS ALLEGED TO HAVE COMMITTED MULTIPLE CHARGES OF ENTERPRISE CORRUPTION (460.20(1)(A)), SCHEME TO DEFRAUD 1ST (190.65(1)(B), VIOLATION OF GENERAL BUSINESS LAW (352-C(5)), FALSIFYING BUSINESS RECORDS 1ST (175.10), GRAND LARCENY 3RD (155.35). Current status: Pending Status Date: Summary: >08/16/00 CORRESPONDENCE RECEIVED 08/15/2000 FROM THE SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK VIA THE CRIMINAL PROSECUTION ASSISTANCE GROUP, A DIVISION OF THE NASDR ENFORCEMENT DEPARTMENT. DOC. ID # I 62764 ******************************* Reporting Source: Broker (Form U-4) Date Reported: 08/22/2000 Court Details: SUPREME COURT-NY STATE-NY COUNTY IND.#3282/2000 Charge Date: 07/27/2000 NASD Public Disclosure Program December 07, 2002 Page 4 This information is current as of: 12/06/2002 ________________________________________________________________________________ NASD Registered Person: RICHARD NEIL MOLINSKY CRD Number: 1143582 CRIMINAL ACTIONS(cont.) Charge Detail: PLEADED NOT GUILTY TO EACH OF THE FOLLOWING CHARGES:ENTERPRISE CORRUPTION (1 COUNT); SCHEME TO DEFRAUD (1 COUNT); VIOLATION OF GENERAL BUSINESS LAW (9 COUNTS); GRAND LARCENY (5 COUNTS); FALSIFYING BUSINESS RECORDS (3 COUNTS). PRODUCT TYPE MAY INVOLVE STOCK, WARRANTS AND OR UNITS. ALL COUNTS ARE FELONIES. Current status: Pending Status Date: Summary: ALL CHARGES RELATED TO MR. MOLINSKY'S FORMER EMPLOYMENT WITH DH BLAIR & CO., INC. MR. MOLINSKY HAS PLEADED NOT GUILTY AND PLANS TO DEFEND AGAINST ALL CHARGES OF WRONGDOING. ============================================== a name to watch MARIA MOLINSKY IS RCHARDS WIFE. Victor Molinsky also shows up in many of the same sec filings MOLINSKY MARIA 6/21/02 SB-2/A Amended Registration Statement for Small Business Issuers 800AMERICA COM INC MOLINSKY MARIA 6/2/00 S-3 Registration Statement ARONEX PHARMACEUTICALS INC MOLINSKY MARIA 10/16/02 S-3 Registration Statement CONOLOG CORP MOLINSKY MARIA 8/15/02 SB-2/A Amended Registration Statement for Small Business Issuers CREATIVE HOST SERVICES INC MOLINSKY MARIA 5/1/02 SB-2 Registration Statement for Small Business Issuers CREATIVE HOST SERVICES INC MOLINSKY MARIA 1/10/02 S-3/A Amended Registration Statement DISCOVERY LABORATORIES INC /DE/ MOLINSKY MARIA 11/1/01 S-3 Registration Statement DISCOVERY LABORATORIES INC /DE/ MOLINSKY MARIA 4/20/00 S-3 Registration Statement DISCOVERY LABORATORIES INC /DE/ MOLINSKY MARIA 7/21/00 S-3/A Amended Registration Statement HEMAGEN DIAGNOSTICS INC MOLINSKY MARIA 6/30/00 S-3 Registration Statement HEMAGEN DIAGNOSTICS INC MOLINSKY MARIA 2/14/02 S-1 MOLINSKY INTERFERON SCIENCES INC MOLINSKY MARIA 9/18/01 S-3/A Amended Registration Statement POLLUTION RESEARCH & CONTROL CORP /CA/ MOLINSKY MARIA 2/9/01 S-3 Registration Statement POLLUTION RESEARCH & CONTROL CORP /CA/ MOLINSKY MARIA 10/25/00 S-3 Registration Statement POLLUTION RESEARCH & CONTROL CORP /CA/ MOLINSKY MARIA 9/28/99 S-3 Registration Statement POLLUTION RESEARCH & CONTROL CORP /CA/ MOLINSKY MARIA 8/15/01 S-3/A Amended Registration Statement STAKE TECHNOLOGY LTD MOLINSKY MARIA 7/23/01 S-3 Registration Statement STAKE TECHNOLOGY LTD MOLINSKY MARIA 6/8/00 S-3/A ========================================= IFSC INTERFERON SCIENCES Notices of Proposed Sale Reported on Form 144 of MOLINSKY MARIA Description Click on the column header links to resort ascending () or descending (). Company Select a company below for more information. Relation File Date Shares Broker INTERFERON SCIENCES N 1/10/2002 100,000 BERRY SHINO SECURITIES INC ---------------------------------------- SKYL SKYLINE MULTIMEDIA ENTERTAINMENT Notices of Proposed Sale Reported on Form 144 of MOLINSKY RICHARD Description Click on the column header links to resort ascending () or descending (). Company Select a company below for more information. Relation File Date Shares Broker SKYLINE MULTIMEDIA ENTERTAINMENT N 3/24/1997 14,950 BLAIR (D H) & CO INC COR CORTEX PHARMACEUTICALS INC Notices of Proposed Sale Reported on Form 144 of MOLINSKY RICHARD Description Click on the column header links to resort ascending () or descending (). Company Select a company below for more information. Relation File Date Shares Broker CORTEX PHARMACEUTICALS INC N 11/23/1993 18,397 BLAIR (D H) & CO INC --------------------------------- LABN LAS AMERICAS BROADBAND INC Notices of Proposed Sale Reported on Form 144 of MOLINSKY MARIA Description Click on the column header links to resort ascending () or descending (). Company Select a company below for more information. Relation File Date Shares Broker LAS AMERICAS BROADBAND INC N 4/12/2001 50,000 WEDBUSH MORGAN SECURITIES INC IFSC INTERFERON SCIENCES Notices of Proposed Sale Reported on Form 144 of MOLINSKY MARIA Description Click on the column header links to resort ascending () or descending (). Company Select a company below for more information. Relation File Date Shares Broker INTERFERON SCIENCES N 1/10/2002 100,000 BERRY SHINO SECURITIES INC**