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Pastimes : The Perils and Pitfalls of Investing With "Friends" -- Ignore unavailable to you. Want to Upgrade?

To: Done, gone. who wrote (16)	10/26/2004 1:28:32 AM
From: Bill Ulrich	Respond to of 377

TLC might make a spectacular CEO. Man, I wish CSHK, RMIL, SEXI or AZNT had warrants. Surely we can get him a job somewhere. I offered him one, but got no response. Now I see why &#151 he had a much bigger picture in mind. "Here is a brief outline of the concept. One million shares go to friendly hands. With those one million shares go 5 million warrants. Nobody sells the warrants. When the stock trades above a dollar, we exercise our warrants, which means we pay a dollar (the exercise price) and we get a share of stock for each warrant. The warrants will be freely trading, but what these guys want to do is keep all the warrants in friendly hands. It's pretty cool. If you did not know, you can exercise warrants with no money under certain circumstances. If the stock is trading above the exercise price of the warrants, the brokerage firm will loan you the money to exercise the warrants and then sell the stock and pay their loan back, and you pocket the difference. They are happy to do this because it is a no risk deal and they get a commission. So the way this will work if it works is that liquidate the warrants and the stock over a period of time. The key is that the stock has to be trading above a dollar. If it goes really well, like the stock goes above 2 or 3 bucks, we could really make a nice score on this."

To: Done, gone. who wrote (16)	10/26/2004 1:33:38 AM
From: Done, gone.	Read Replies (2) \| Respond to of 377

I could go on, but I won't. Months later I shot off an angry email, mentioning law may be my next recourse. This came back: Dear Sucker, You own 25% of Market Spirit. The site is worth in excess of 120 grand as it sits, and we are working on making it much more valuable. We're still working on it. Right now. You own 25% of the site. I sent you a polite email asking if you wanted a rundown of what we are doing and you responded with a legal threat. I don't appreciate legal threats, my friend. Feel free to have your attorney call me. 123-456-7890 I asked for explanations, of course. This came back: cc:Some Other Fake Programmer Sucker, let me clarify two things for you. First, the stock trading business I was in does not now, and never has had any connection with Market Spirit or Suckerburner. The money that I was trading with was not my money, it was raised by my (now ex) business partner in that business. I never put any money into that business, not mine, not yours, not anyone elses. All I did was trade in the accounts. One of the investors in that business wanted to learn how to trade, and he paid MY EX PARTNER 50 grand to learn. That money went into that business, and my ex partner lost all the money, on his own, in both accounts, including the 50 grand he raised for me to train the investor, and he lost it all without my knowledge. That is the reason that he is my ex-partner. That is the reason that I am struggling for money right now. It has nothing whatever to do with MS or with you. Secondly, the money you invested was used for the exact reasons stipulated in our Agreeement. I don't spend a lot of time on MS because I don't have a lot of time to spend on MS and frankly I became disappointed with the speed of progress for the upgrades, coupled with the fact that almost all the members left. I do spend some time on SI because I have some friends there. The MS upgrades are being done. Your conclusions about my interest in MS and the other sites, and my interest in this project, are faulty. I was interested in it before we ever met, and I am much more interested in it now than I was then. I am fully aware of our agreement regarding setting up another site for the art world using the technology we create for MS. Choose to believe what you wish. I have never lied to you. Scammer I don't recall how I responded. I could dig it up, but who cares. Anyway, later came the email already posted here: Message 20687061 Haven't been in much contact since. Some boohoo in my email box here, some other there, I don't remember it all, but have all the emails saved, including the trading book stuff and all... Needless to say, assuming this "friend" was a friend is The Worst Mistake I have ever made, money wise.