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 : BANY: Core business growth, exciting affiliations! -- Ignore unavailable to you. Want to Upgrade?

To: brad greene who wrote (2924)	9/23/1998 10:53:00 AM
From: David L. Wasylenko	Read Replies (1) \| Respond to of 5847

I asked Scott Sitra what the reason for the call-back was: ====================================================================== > Date: Mon, 21 Sep 1998 18:18:35 -0500 > From: "David L. Wasylenko" <dlw@pickpro.com> > Organization: Pick Professionals, Inc. > To: bany@sitra.com > Subject: Re: FOR IMMEDIATE RELEASE > Scott; > > Do you have more details on this? Thanks > David Wasylenko > David, Thank you for your continued support of Banyan. I'm not sure what details you are looking for, but a general overview is: Earlier this year Banyan's Board cancelled stock certificates representing 495,000 shares of Common. These shares were presented to the transfer agent this summer at which time the transfer agent placed a hold on the transfer and required a court order to back up Banyan's Board's resolution. Hence, why Banyan received the resolution. What will happen next is the court will supply the transfer agent with a true and correct copy of the court order. I imagine this will happen sometime this week. The transfer agent will then inform the presenting brokerage firm and the DTC that the shares have been cancelled with a court order and no transfer will take place. If someone sold the shares prior to presenting them to the transfer agent, the DTC will deem the shares "short" and the brokerage firm will then be forced to make a margin call to the original holder. Should a margin call result from this debacle, then the original holder will have an alloted amount of time to come up with cash and/or shares of stock. If he does not do this, then the brokerage firm will be forced to conduct a buy-in. We anticipate that, if this is the case, then we are at least two, if not three or four weeks away from seeing a forced buy-in. I hope this addresses your question sufficiently. If you need any additional information, please feel free to contact me. Sincerely, J. Scott Sitra Banyan Corporation Investor Relations sitra.com jscott@sitra.com (512) 453-3817 (512) 453-7553 fax P. O. Box 50404 Austin, Texas 78763 ====================================================================== Interesting stuff ... david ...