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Microcap & Penny Stocks : IELSF-Flight to Fortune Or? -- Ignore unavailable to you. Want to Upgrade?

To: hcm1943 who wrote (439)	10/27/1998 1:57:00 PM
From: Zeev Hed	Respond to of 520

hcm, I have never seen scumbugs and their buddies leave in piece. For education watch TTRIF, another floorless for which I warned ad nauseum that the only winners are the floorles bandits. There, I would not be surprised to eventually see that the money went directly from the floorless to "management's" pockets and of course was paid by the stockolding bag holders. Zeev

To: hcm1943 who wrote (439)	10/28/1998 1:45:00 AM
From: Intrepid1	Respond to of 520

HCM and all, here is a July 22, 1998 News Release detailing a lawsuit brought by another public company who fell victim to "floorless bandits." I wonder if any of those named in this lawsuit are the ones screwing IELSF? Memphis and Chicago take note of this post! [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] ------------------------------------------------------------------------ Wednesday July 22, 12:43 pm Eastern Time Company Press Release National Affiliated Corporation Files Lawsuit Alleging Fraudulent Stock Shorting Scheme Suit Seeks Treble Damages for Scheme to Depress Company's Stock Price By Certain Debenture Holders NORTH BETHESDA, Md.--(BUSINESS WIRE)--July 22, 1998-- National Affiliated Corporation (OTCBB:NAAC - news) announced today that the company and certain company stockholders have filed a lawsuit in U.S. District Court in Los Angeles seeking treble damages and other remedies for an alleged fraudulent ''stock shorting'' scheme to depress the market price of the company's common stock. In the suit, the company and the shareholders allege that the defendants, who are various entities holding the company's convertible debentures and individuals controlling those entities, purchased the company's debentures as part of an illegal scheme and conspiracy which entailed significant manipulative short selling of the company's common stock. This alleged scheme of market manipulation commenced in the fall of 1997 and allegedly depressed the market price of the company's common stock, reducing market capitalization of the company by almost $15 million. The company also seeks relief that it be excused from any obligations to issue common stock on conversions. The suit, brought by the Los Angeles law firm of Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro, LLP, names as defendants Ronald G. Williams, Sheldon D. Taiger, Arie Rabinowitz, Chris Rossman, Ethel Schwartz, Guilherme Duque, Dora Fried, Joseph Schonkopf, Thomson Kernaghan & Company Ltd., Excalibur Limited Partnership, Vengua Capital Markets Ltd., London Select Enterprises Ltd., Select Capital Advisors, Inc., Austost Anstalt Schaan, UFH Endowment Ltd., L.H. Financial Services, Willora Company Ltd., Iguana Investments, Arcadia Mutual Fund, Asia Equities, Passy Holding, Paril Holding and others unknown at this time. National Affiliated Corporation is committed to the acquisition and consolidation of insurance companies, mainly those with a clear potential for a high return on investment from immediate cost reductions, and timely marketing of profitable niche products.

To: hcm1943 who wrote (439)	10/28/1998 2:01:00 AM
From: Intrepid1	Read Replies (1) \| Respond to of 520

Here is the answer from IELSF's July 8, 1998 10Q/A. The Company[IEL] retained London Select Enterprises, Ltd. to make a private placement of up to $3.5 million of 8% convertible debentures due March 31, 1999. As of June 30, 1997, sales had been closed on $763,250 of the debentures. As of June 30, 1997, debentures with a principal amount of $108,416 had been converted into 53,280 shares of Common Stock. A second tranche of $500,000 and a third tranche of $600,000 were closed subsequent to the end of the quarter. Management does not believe that any additional capital will be raised from this source. So based on this it looks like Geller and his Cronies (knowingly) did a convertible financing with some very bad dudes. And I thought Geller had blue chip connections. In reality, the boys Geller has been dealing with are the flotsam and jetsom of the American securities industry. Geller I hope you and your boys are at least making an effort to remedy the situation. purething