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

To: team1fla who wrote (274)	4/4/1998 1:43:00 AM
From: Gutterball	Read Replies (1) \| Respond to of 454

IHI has been trying to go public for a number of years. I believe this was their 5th time. Each time before, IHI was stoped for some reason. Three of those times they were fined. Although they have been working to go public for sometime, it does appear they were unprepared. International Heritage tried to do a straight forward IPO twice in 1997. Something like 5,000,000 shrs at $5 per share were to be issued. The intent was to raise $15 million for the company. Existing stock holders were to keep the same position--7,000,000 shares. However, the NC Attn. General got on their case shut things down. What easier way to go public than to have a company buy you that is already public and is in good standing with the SEC. As such, it appears IHI tried to pull a fast one past the SEC. Contrasted to the IPO, the reverse merger raised no money for IHI, tripled existing shareholder's positions, paid the owner of the shell 4,000,000 shares and locked out most everyone from trading their shares and options. Compared to the IPO, this reverse merger was driven by greed, pure and simple. The fact they gave the owner of the shell 4 million shares suggests how desperate they were to get crazy. IHI probably made a serious mistake by trying to go public before the annual meeting. But after all, isn't the purpose of the annual meeting to sell crazy? And what better way to do this than to stand a bunch of self made millionairs before a group of 12,500 want-a-be's. In IHI's rush to go public, they left some questions unanswered with the SEC and they failed to disclose they were being investigated by the SEC in their 8-K. It is my understanding that the SEC had asked IHI for information in December 97 and January 98 concerning the Reg D and Reg S which IHI had issued and had neglected to supply the SEC. On another note, Stanley had to know that putting a few shares in front of a greedy mob would appreciate the price IHIN. I'm sure he understood the enthusiasm of the group. In this regard, Stanley lost control of events and the SEC stepped in and shut things down. As for being OTC, based on the 12/31/97 financial statement, IHI doesn't meet the requirements for the NASDAQ small cap market let alone the NYSE. Three years of success has all been paid out to its members and then some. The company didn't even own its own bathrooms. Presently, Market Makers are not providing quotes for IHIN. At least someone is taking the SEC seriously.