To: EZLibra who wrote (1202 ) 2/5/1998 8:40:00 PM From: EZLibra Respond to of 3702
Highest volume day ever and it looks like some companies are not going to take 'Chicago Joe' anymore; From business wire: Thursday, February 5, 1998 09:01 AM > MONROVIA, Calif.--American Technologies Group Inc. (ATG) (OTC:ATEG) Chief Executive Officer Lawrence J. Brady Thursday announced, that on advice of its outside SEC counsel, ATG will not honor any further requests for conversion of its $3 million convertible debenture by the fund debenture holders and their related parties. Since the debenture was sold on Oct. 15, 1997, ATG's stock price has dropped from $3.84 to a low of 98 cents. ATG is taking this action because the Company believes that there has clearly been manipulation of the value of the Company's stock by one or more fiduciary parties. This activity appears to be intentional and aimed at reducing the stock price of ATG for the sole purpose of enabling a conversion of the debenture to common stock at the lowest possible price. Further, ATG is one of a number of publicly traded companies which have experienced stock manipulation after doing a convertible debenture with the current debenture holders or their related parties. Brady stated, "Based on the data presented to me, the Company is requesting a formal investigation of the trading activities by the appropriate regulatory agencies of the U.S. Government." ATG is an advanced science and technology company engaged in the development, commercialization and sale of products and systems using its patented and proprietary technologies. Its core technologies are: The Baser(TM) High Energy Particle Beam Technology, The IE(TM) Crystal Technology and Vacuum Distillation. These technologies have numerous applications in the nuclear, energy, medical, chemical, mining, and oil and gas industries.< Conversion so far has been small. There is a very large short now. Interestingly the filing today just showed a possible 5% ownership from Citadel, there is no conversion yet. The former manager at Citadel is now at Castle Creek, the largest holder in the S-3, and an unknown I don't consider above reproach, IMO. He was at the annual meeting, sitting close to Darth. Conjecture and question; If you sell out of the left hand to knock the price down and then fill the right hand with Ma and Pa Kettle sellouts is it not manipulation to the downside? Just using a little research and some common sense, my opinion only.