To: Hardrocker who wrote (1264 ) 2/25/1998 9:22:00 AM From: Bulgar Read Replies (1) | Respond to of 4539
I copied this from the AOL thread... It seems like someone from LBI wanted to put things straight about their company...I tried to find their number to call and verify this post but I must have skimmed too quickly...if someone has their number, post it and I'll call... FWIW here it is... Date: Wed, Feb 25, 1998 00:41 EST From: LBIGBIDASK Message-id: I hate to waste the time or the effort on this issue in this forum, but lets try to clear the air on a few things. 1) As far as VIKG goes - we helped the co. get started. The officers at that time were Mark Taylor, Dan Erickson and eventually Ray Buchard. The co announced and/or completed numerous acquisitions. These acquisitions then either failed or were not completed. The bottom line was that the co. and money was mismanaged. After the management, except for Dan Erickson, raped the co. of its money and buried it in debt- they left. Only Dan stayed to fix the co. for the shareholders. We got back involved to help Dan. While the stock sat at $.07 with no volume, tons of debt, delinquint filings, and no operations - we loaned the co. money, paid for audits, negotiated debt, etc. Yes,we do have free trading and RESTRICTED shares, including 100,000 that we bought RESTRICTED fairly recently at $.80 per share. As for the stock back when we first helped the co.(when old mgmt was there) , we helped it tremendously only to have the co. blow acquisitions, acquire dead beat cos., and give stock away to OTHER PR firms at pennies when the stock was a few dollars a share. As for the stock today - it trades around $1.00 (from the $.07 abount 7 or 8 monhs ago) and the co is completing an acquisition that will give it a book value of $3.50 - $4.00 per share. The co also has impressive mgmt in addition to Dan Erickson. The difference is that Dan listened to us and worked with us , as opposed to lying and doing things behind our back. Did we sell stock back then? Of course, the co. wasnt performing properly. But we didnt hype or push the stock so we could get out. 2) Anybody that knows LBI knows 100% that we do not hype stocks. We don't publish hype sheets, we dont conduct high pressure hype phone calls, or use any other tactics that most PR firms use. 3) do we have failures? ABSOLUTELY! It is the nature of the business. But, I will say this - no co. failed or fell short because of us. If the fundamentals arent there the co. can't work. Over the last couple of years we have become a little more cautious. 4)Most of the cos we have dealt with will tell you that we deliver what we say and that we are honest. 5) As far as our funding tactics go - we structure the best deal we can, thats business. We will never do anything intentional to hurt a co. And contrary to popular belief we are not always in a win-win situation. Yes, we make money - but we also lose money, we lost $1,000,000 in a deal almost overnight (hard cash - not on paper). we will also stay with cos if they are straight forward with us and moving in what we feel is the right direction., That is the case with VIKG now and witanother deal we have been in for over 18 months now. 6) We were asked to do what we could to help AGTI by a friend and broker who has known us for years and fully trust us and our work. All AGTI wanted from us for right now was to handle PR. If anyone has called on AGTI, they know that we have discussed the co. and have sounded positive but have fallen way short of hyping the stock - that's the way we do business. We are not giving the co . any funding. 7) John does not nor did he ever work for us. He is just a perfect example of someone who really knows us and our integrity. Has John made money on everyone one of our situations? NO WAY, but he knows our efforts,intentions, and thoughts were sincere and honest - which unfortunely is not always the only things needed to make a situation work. GOVENOR, I dont fully understand your problem with LBI but I will say this : we have been in the same place for 4 years, same phone number, some of the same clients for years, and many people and cos, that are very happy with us and that trust and enjoy working with us. I dont recall your visit to our offices or your first name but if you have a gripe with me(us) , why not pick up the phone and discuss it with me. Try to get the facts before you slander us. I can give your countless situations where we performed only to have the co. blow our efforts out of the water. We more than bend over backwards for our clients and the brokers that follow us, even when it is not always in our best interest. I APOLOGIZE FOR WASTING THIS BOARDS TIME BUT I FELT THAT THESE ISSUES NEEDED TO BE ADDRESSED IN THE FORUM IN WHICH THEY AROSE...end of their post... Regards...Bulgar