To: Dick Jaffe who wrote (431 ) 12/11/1997 10:27:00 PM From: FARRIS Read Replies (1) | Respond to of 27968
Please read this -- it is not about ICCN, it is about penny stocks. ICCN (previously PLRN) management has completely screwed all of the current shareholders including the folks who own the 15 million restricted shares that are not in the float. The 100:1 reverse, I was just informed by a company principal, only applied to the issued stock (Totally opposite of what the company stated previously). So the 25 million issued to date became 250,000. But the authorized remained at 50 million. Not so bad, right? Wrong. The company is about to issue 5 million additional shares at .20 each. Guess what? That makes ICCN worth no more than .20. They will be sold only to a select handful of investors -- I am not one of them. The shares will probably drop like a rock once these shares start trading -- purely from dilution. I am sure these shares are being sold at some sort of discount so that they can make money right away -- else why would these guys put up that kind of money for a totally unproved venture to a bunch of people that have screwed and lied to the current shareholders? The shares may be restricted in some way -- they will not say. This stock traded at .085 a few short weeks ago. Then it began sliding. It was never purchased for less than .02. Then the 100:1 reverse -- now a stock worth .20. The MMs are obviously not aware of this yet. In fact, if the company did not lie about everything, there are new MMs for the new symbol who probably do not know what is going on. (I hope they run the stock down on the company based on this information.) These guys have been lying for a couple of months now. Unfortunately, there is no way to prove anything. Also, this trick they are pulling with the stock is probably legal. I have talked with a securities lawyer who said he is "quite sure" they can do it. He was going to look a little further, but I am sure these SOBs did their homework before pulling this move. This is a warning of sorts for investors who think a company cannot do "this or that" with their stock. They can do anything they want apparently, as long as they control 51% of the authorized shares. If anyone has information to the contrary I would love to hear it. I own EUTO, I would warn anyone else holding that stock and others like it to get everything in writing or on tape. You have to have proof later. I know many of you trust the companies you are invested in, as do I. But when they start talking about reverses and share dilution and restricted stock and share buybacks and retirement of shares -- get the facts on paper. I could go on and on, but I will cut it off for now. Good luck. Eric