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Microcap & Penny Stocks : Greenland Corp. (GLCP) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Levenson who wrote (1897)	6/12/1998 4:33:00 AM
From: greg Benfield	Respond to of 2278

I have talked to Eric Gaer in the past and he was very much for the reverse split. If the CEO is not for it then why is the company pressin for it. The reverse split is a necessary evil. I think GLCP plans to gobble some more of these check cashing devices. Let's just wait and see though...this is all just opinion...based on no research...other than press release statements.

To: Dennis Levenson who wrote (1897)	6/12/1998 9:47:00 AM
From: Vegas	Read Replies (1) \| Respond to of 2278

Apparantly its going to be voted on tomorrow (from what I hear, but hey, what do I know?)... Not much from reading your post. The CEO is voting against it according to a post on this thread a while back I never heard that on this thread. Mangement has always wanted the reverse. It will allow them to get better control of the company. and from what I can tell the CEO has a major controlling number of shares (Means more voting power). Try reading a sec document or the proxy that was sent to shareholders. All of management combined own liitle more than 5% of this company. Number of Shares Percent Officers and Directors Beneficially Owned Beneficially Owned Eric W. Gaer1 President, CEO, Director ...1,446,619 3.45% Michael H. DeDomenico2 Secretary, Director ..........540,396 1.29% Guy R. Nelson3 Director.......................50,000 0.01% Richard H. Green Director......................200,000 0.05% Officer and Directors as a group (4 persons) ................2,237,015 5.34% They have no real voting power. I am assuming they most likely convinced a few major shareholders to push the reverse through - the reasons are from the proxy below: REASONS FOR THE REVERSE SPLIT. The Board of Directors believes that the Reverse Split is advisable and in the best interests of the Company and its Stockholders primarily for the reasons set forth herein. The current estimated fair market value of the Common Stock before giving effect to the Reverse Splitis $0.20 per share. The Reverse Split is intended to establish the market price of the New Common Stock in a more traditional range for companies of equivalent size. The Board of Directors believe that a higher per share market price would make the New Common Stock more attractive to a broader range of investors and may encourage greater interest in the New Common Stock by securities analysts. Furthermore, the Board believes that a reverse split will enable the Company to more effectively participate in raising equity capital and in building the asset base of the Company. JF