Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : International Heritage (IHIN) -- Ignore unavailable to you. Want to Upgrade?

To: gtoland who wrote (33)	3/14/1998 1:42:00 AM
From: Gutterball	Read Replies (1) \| Respond to of 454

Believe it or not, I just finished reading though their Form S-8 filing. After I printed it out, it was over 100 pages. At first glance, it was about an inch thick, weighed over a pound, so it had to be good. I learn a lesson today. Just because they are filed with the SEC does not mean they are approved by the SEC. That disclaimer is probably somewhere on the SEC web site, and its probably somewhere in the small print of the hard copy of the original document, but when you access these files via search engines that take you directly to the electronic copy, it doesn't show up. After reading the documents, it's apparent the benefit is skewed towards existing option holders. At today high, 34, there were more self made millionaires overnight in IHIN than I care to count. Which is probably the reason these members accepted "The Plan". One guy, with a $20,000 investment, was holding over 4 million shares which he could begin to trade April 10, 1998. I bet he is pissed! After reading the S-8 filing, the SEC did the right thing. This is something like the fifth time, International Heritage has tried to issue stock. Let's see, there were two public attempts or RWs filed with the SEC in 1997, and the S-8 reports two failed private placements, one in 1995 and 1996. All failed for different reasons. The S-8 is fairly complicated and shares a similarity with another company we are familiar with. So I won't mention IHIN is based on a "reverse acquisition" involving a corporate shell, without assets, registered in Utah. I began this thread thinking this was an IPO. As I dug for information it became apparent this was not the case. Not until I was tip off about KARA was I able to find the S-8 which detailed the reverse acquisition. This should be remembered as the case where an elephant buys a mouse, the mouse eats the elephant, and the trainer, who sees all this, gets sick and pukes. In other words, the men behind IHIN tried an end run around the SEC and it backfired.