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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: jffk who wrote (10836)	4/6/1998 5:32:00 PM
From: CO	Respond to of 27968

jffk, I think the IRS would have likely asked to take a look at FAMH's books. They are going to want to make sure they are getting someone to acquire Myriad, who will make good on the money owed to them. Also I would think that since Wexford Capital, LLC is working with FAMH on a merger with ATXI, that they may have required FAMH to show them their financial information. This would seem to be normal DD on their part. And furthermore, here is excerpt from ATXI's press release: >>>Atrix said it had requested some financial information from Firamada, and said it could not proceed with discussions without it.<<< Apparently the ATXI board has also looked at FAMH's financial information and are now willing to sign a Letter of Intent. So I would assume the numbers are done. The accounting firm has probably taken longer than expected on the notes to the financial statements and the required documents (contracts, lines of credit, working capital etc.) FAMH needs to release the actual audited financials and cannot release draft copies. The draft copies are likely perfectly acceptable to the IRS, Wexford Capital LLC, and ATXI, because the numbers will not change. Cheryl

To: jffk who wrote (10836)	4/6/1998 6:32:00 PM
From: JIN CHUN	Respond to of 27968

jjfk, I'm fairly certain that Firamada would have had to show the IRS their books in order for the acquisition to go through. The IRS would have had to verify that Firamada was in a position to pay off the liens and to take over the company with good faith. Also, the negotiations for the acquisition of Myriad did not take place with the principals of Myriad, but with representatives from the IRS. Firamada bought the company through the government. On the point of strategy, it may be that they are being withheld because the impact of their release on this exchange would be minor as compared to when we get listed on the NASDAQ. I'm not sure, and it is just speculation. Others that must have looked at Firamada's financial condition and concluded that they were good include Wexford Capital. I personally do not think that Wexford would have approached, or continued with the negotiations in the merger if they thought that Firamada as a company was not doing too well. I just read Cheryl's post. It's much clearer. :-) Jin. In between classes on a unix dumb terminal.