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: Mr. Jens Tingleff who wrote (23199)	8/20/1998 3:51:00 AM
From: Lurker	Read Replies (6) \| Respond to of 27968

<<98 is as important as 97 - BTW over here they would not have been able to make the deal with myriad's tax office if they were not on time with their own. >> They were probably current by then. Consider: 19 million shares = 10 million for Arif and 9 million for others. By the time Myraid was finished, there were 75 million shares - 38 million for Arif and 37 million for others. That is an increase of 28 million shares for others. At an average sell price of .36/share that is $10,000,000 pumped into the business to pay back taxes, huge bonuses, etc. WE paid the back taxes. As LE predicted, FAMH was not a profitable company. Arif had a 19 year record with the company. He traded that record for a retirement fund. One can live comfortably with $2-4 million in the bank. I doubt if he cares at all about the company anymore. The company was losing money. Myraid was losing money. Now, FAMH is a bigger company that is losing money. I doubt that they will ever make any money. It was a brilliant plan on Arif's part. Sure, they could slash costs and maybe start making a small profit like manpower. However, I don't think he is motivated. All of his actions to date have been to keep the stock price up, not build the business. He is probably picking out his yacht or motorhome as we speak. We have no recourse. Everything was done legally. We were greedy and bought on hype with no financials. We took a gamble and lost. He is P.T. Barnum and we are the suckers. Lurker (Licked.)

To: Mr. Jens Tingleff who wrote (23199)	8/20/1998 9:06:00 AM
From: R. Murphey	Respond to of 27968

Jens, I'm not an expert on the current degree of cross-checking, however, in the past, there was checking related to federal and state "income" taxes. Amounts owed to other agencies could have been overlooked. Of course there had to be income to generate a tax exposure, and the "accurate" financials served as the primary basis for this figure. I'm not sure of FAMH's exposure to state income taxes, due to varying laws. Now, where are the investors on this issue? It is also quite possible FAMH became current on all obligations, maybe even for the necessary interval to complete the transaction(Did the deal with Bristol play a role?), however this is pure speculation and open to intense argument. The record is obscure. The federal Internal Revenue Service had a problem with Myriad and any reasonable offer to recover the back taxes would be entertained. The IRS would have tried for the maximum return on the dollar, frequently via an auction. What this says about the value of a similar business is open to discussion. What was the deal?....... $1 million down and the balance, totaling $3.3 million over 7 years, for a reported $45 million in gross revenues? A sharp pencil would calculate the net present value of the deal. But back to your original question.........<<Do they cross check like that over there ?>> ........ maybe! Other perspectives are welcome. There is just not enough direct information from the company to support one view over another.