>>She said that the company knew who some of the shorting institutions were in their stock, but was not able to give any ball park figures. I tried to at least get her to say whether they believe that there is at least 1million or 2 million shares shorted. She only replied that they are aware that shorting does exist and that we do have a legitimate fight. <<
You could be right tonto... since the company refuses to verify if there is a short postition, maybe a switch to DLJ could force the issue ????
To: +Pugs (47261 )
From: +Riley G Thursday, May 21 1998 2:31PM ET
Reply # of 48075
Date: Thu, 21 May 1998 14:28:21 -0400
To: (Recipient list suppressed)
From: Riley G
Subject: Fwd: Re: RMIL - Damage Control
>All,
> When I posted the above, those were my concerns. However, after my
>long conversation with Lori, a feel a lot differently now. First of all,
>Gary Morgan is still on our side and would not consider giving in to Mork.
>The court case is still in Discovery with nothing being done at the moment.
> Mork suppena'd(?) several shareholders and that 's been it so far. The
>audited 10K is only being worked on right now to the extend that they are
>still receiving bids with no auditing firm contracted as of yet. She said
>that once a decision is made, that it would only take 2 weeks for the
>auditing company to complete the audit and that they are determined to have
>it done before the deadline at the end of June. Gary is working on the
>source for the money necessary to accomplish this.
> Lori said that they are actually happy to see this foreclosure date for
>RMCW's property as I am because it should give a deadline for Puhr for
>coming up with the cash from wherever. She concurred with me that she
>would not be surpised if the lender involved does accept a partial payment
>to have it extended since they apparently have been doing this all along
>with Puhr as well as they really don't want this property. Every day
>around 2 pm EST, Puhr calls them up with the same story and that is, " the
>money will be there tomorrow, or the next day, or in a week". this is no
>different than we've been hearing for the last 4-5 months. In fact, they
>have become so desensitized to Puhr's assurances that they don't take them
>seriously and continue with business as if the money will not be there.
>They believe that Puhr has too much at stake here and that this merger is
>up to him. Therefore, she said that they are not planning on cutting off
>the merger until the point in which Puhr losses it all. RMIL was paying
>their expenses, but not anymore. Contrary to what I have been hearing, she
>told me that RMIL does not own the water rights. The town of Tensleep owns
>the water rights which are, or have been, leased to RMCW of which, they may
>be in default on.
> As far as other deals lined up, I got the impression that there really
>are none. Gary has nearly two-a-day meetings with companies who come him
>wanting to merge or be acquired. That because they are in South Florida,
>there are a lot of scams. Most of them come in and really have little to
>nothing to offer. I asked her if it still possible to do a deal with the
>RMCW merger hanging over their heads and she replied that she did not know.
> In my opinion, I agree with her on this because they would not hang on
>hoping that RMCW would complete the merger if they had something more
>tangible ready to go now in the works. So, until they have a solid deal
>lined up or Puhr losses it all, expect that there will not be any PR or 8K
>to cut off RMCW.
> As far as the float goes, she said said that she knew that in March,
>Riley's numbers were about 300K off, but that she needs to confirm the
>numbers with Gary. After talking with Pugs, he said that Gary Morgan
>confirmed with Riley that his float number is accurate. She said that the
>company knew who some of the shorting institutions were in their stock, but
>was not able to give any ball park figures. I tried to at least get her to
>say whether they believe that there is at least 1million or 2 million
>shares shorted. She only replied that they are aware that shorting does
>exist and that we do have a legitimate fight.
> As far as my concern with Gary Morgan not talking to shareholders,
>especially Riley. She said that I was wrong. Riley, please don't take
>offense to this. She said that the reason they don't talk to Riley as
>often as they once did is because he would call at least 5-6 times a day
>and the calls were long winded. She said that during this halt and waiting
>period for RMCW to deliver, there hasn't been much of anything going on
>worthy of talking so much about. He was constantly calling, for which I
>understand, wanting to know if they got the money. She said that when
>something breaks as far as information goes, that Gary would be happy to
>talk with Riley. Hearing her say it that way made me feel better.
> Overall, I believe Lori in what she told me. We haven't heard from
>Mike Puhr in quite a while. Gary Morgan has and will continue to show
>patience with this merger since it is Mike Puhr's neck on the line. This
>is most evident by the fact that I can at least call RMIl and talk to
>someone who has some idea as to what's been happenning. Can we all really
>do this with RMCW? I've never been able to do this.
>BTW, I hope that I haven't offended anyone with this long post. By now, I
>was hoping that Daddy would have put together a post for us on his visit.
>Also, I would not mind seeing XXXXXXXXXXXX thoughts on where we really
>stand with the merger.
______________________________
My Comments,
I have told everyone to FORGET about RMCW and any money from them! I will
believe it only after the music stops playing from their end. I am sick and
tired of hearing, "The money will be here any day know." I don't believe that
there is any money coming into RMCW and have said this for the last 4 months,
and I wish everyone would STOP mentioning this on SI and other boards. I don't
believe there will ever be a RMCW & RMIL merger as RMCW has failed to deliver
the funds from this so called investor(s)! I have also heard the stories that
RMCW has been trying to get funding from other sources. If RMCW has all these
big contracts for water, then let them borrow against the contracts and finish
the plant and do the deal.
Riley G |
