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To: Little Engine who wrote (24313)	9/26/1998 12:10:00 PM
From: Freddie Forte	Respond to of 27968

LE....I think it's a journal entry. No check was cut. Much like the 3,000 carryforward that we can deduct from our personal income taxes for capital(stock) losses or depreciation off of property we may own.

To: Little Engine who wrote (24313)	9/26/1998 12:22:00 PM
From: Freddie Forte	Read Replies (1) \| Respond to of 27968

Randy also stated that Myriad was a steal for the price. Take it for what it's worth. If Myriad can gross 55,000,000 at 5% net margin that's 2,750,000 net profit. Famh paid for two years net revenue to recoup their investment. Not too bad, I don't think.

To: Little Engine who wrote (24313)	9/26/1998 12:38:00 PM
From: Freddie Forte	Read Replies (2) \| Respond to of 27968

I know this is insignificant and trite but they spent 83,030 on travel and entertainment. Where'd they go and who did they entertain? Traveling to and fro to their different offices.....Nah. Office salaries were 573,752. I think this pertains only to management. There is no mention of Arif's salary or how he is compensated. Actually General and Administrative expenses look kind of lean. Nothing jumps out as exorbitant.

To: Little Engine who wrote (24313)	9/26/1998 12:51:00 PM
From: Freddie Forte	Read Replies (2) \| Respond to of 27968

Well gang....That's about it. My concerns are negative stockholder's equity and the payroll tax liability and accrued interest of 962,494. 1997's financials hopefully will show a reduction in both of these items. Well, off to the links. Any questions about the financials, I'll be glad to find an answer when I get back. chow.

To: Little Engine who wrote (24313)	9/26/1998 4:20:00 PM
From: Dick Jaffe	Read Replies (2) \| Respond to of 27968

There was no check from the IRS. That $95,000 figure is the estimated FUTURE tax benefit of the accrued losses applied to POSSIBLE future profits. The disturbing thing to me (and I am a retired IRS Special Agent) is the $300,000 plus penalty assessed against the company for failure to pay their employees'trust fund withholding taxes at the same time that Arif is borrowing money from the company. What this amounts to is his use of IRS trust fund money for his own benefit. Uncle Sam frowns on that practice and it appears that the IRS people in California failed to do their homework before approving the Myriad deal (or they were really desperate to close that case).