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.

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

To: Freddie Forte who wrote (19836)	5/29/1998 12:03:00 PM
From: Leroyt	Read Replies (1) \| Respond to of 27968

Freddie, Please note the following is my opinion and is NOT fact. I try to piece together the information I have from the sources I have. IMHO, I do not think that Arif lied. I think he has selected people (poorly) in the past he has trusted to run the public part of his company. It has not worked. And he now finds he's in a mess. Arif is now trying to get the company under control (from the inside) and satisfy shareholders from the outside. The inside work MUST happen first. There is a LOT of retooling needed on the inside. I do think it is essential to tell a consistent story from here on out. Which has meant that FAMH should not release financials prepared by a different company from the one FAMH has now selected. The selection of the accounting firm, the new president, and a new attorney they are presently in discussions with are recommendations (or perhaps requirements, I don't know) given to Arif by Bristol Asset Management. I don't know of the terms of the agreement with Bristol Asset but a lot of financial companies provide (require) that they have input into the financial workings of a company they loan money to. FAMH needs to start over with a clean slate and review ALL tranactions over the last year (or since they went public). Arif wants to have control of the company but that may no longer be possible. I am not sure if (a) he wants to own 51% of the company or (2) he wants to prevent a takeover. The first is hard to do if you continue to do acquisitions unless FAMH issues Arif shares for minimal reasons (everyone will hate that). The second can be accomplished (i.e. prevent takeover) in MANY ways which I am not an expert in BUT it does NOT require issuing himself a share everytime someone else gets one. I have spoken with Steve Corso and audited results will include an accounting of where all shares have gone. I am hoping that MANY of these shares will be taken off the market. I personally would like to see 20-30 million shares removed from the market. Now, that assumes that the acutal share count was 24 million at the end of 1997. All of that needs to be verified. All of these discussions and decisions are difficult and will take time. Negotiations between Arif, existing management, and Bristol Asset will be difficult but should also be done with cooperation of the new CFO. I hope that person is in place within two weeks. If the audit is completed at that time (maybe) the negotiations on share distributions can ensue. My time frame is for seeing audited financials is a minimum of 30 days. In the meantime, as long as the information from the company is consistent, I will take advantage of the opportunity to accumulate. I will admit it is a gamble. As are all BB stocks, but a gamble I will make. I am not trying to get some background information on Steve Corso's accounting firm. If you have any SUBSTANTIVE information please post. Also, if you have information about Bristol Asset Management, also post that information. The above thoughts and analysis are based upon my own DD. Do your own DD and be careful. later, leroyt