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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: R. Murphey who wrote (25049)	10/19/1998 10:58:00 AM
From: M Murphey	Read Replies (3) \| Respond to of 27968

Does anyone have a connection with Bristol, the company that was ready to give the 12 mil? FAMH said that none of the money was ever used, I am curious if that is because it never existed. If the line of credit does exist then there must be a reason for a banker to make that type of commitment. MM

To: R. Murphey who wrote (25049)	10/19/1998 11:11:00 AM
From: Freddie Forte	Read Replies (1) \| Respond to of 27968

RM....If Firamada sold stock and reduced their debt, paid the outstanding payroll liability, set up a reserve for future acquisitions and paid off Myriad with these proceeds, I have no problem with that. But if this money was used for Arif's retirement fund and new homes and lavish vacations, then, we all have a serious problem with that. Why has Arif not stepped forth in all this to defend his position? Because what defense would he use??

To: R. Murphey who wrote (25049)	10/19/1998 12:38:00 PM
From: Little Engine	Respond to of 27968

<<<Which scenario is the simplest explanation? >>>> The scenario that appears simplest to me is that the auditors had it right: FAMH will be lucky to stay in business for much longer. As you can see from the audit, FAMH did not sell all the stock it issued -- it gave a good chunk away to Ira and promoters. The rest of the stock issued in 1997 was apparently delivered in private placements -- since it sold for an average of under .05, which was lower than the stock ever sold on the market in 1997. I have no reason to believe that FAMH didn't do the same thing this year, that is, offering the stock in huge chunks at deeply discounted prices in a desperate attempt to cover their bills. And of course we know that Arif probably grabbed a bunch of stock for himself -- if not for free, then perhaps he had "stock options" at ridiculously low prices. If FAMH had, by now, paid off all their IRS obligations, don't you think it would have been mentioned in the audit? Don't you think at least they would have put out a PR promoting it (something true for once)? It's a company losing money as fast as it can, kept afloat by shortchanging the IRS on payroll taxes. How long do you think it can keep doing that? If there were any gobs of money sitting around, I don't doubt they became "bonuses" for Arif granted by the "board of directors." If FAMH does have about $5 million, for example, sitting around in cash, I know a few stockholders who are eager to take it off their hands. Enjoying my day off, L.E.