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 : IELSF-Flight to Fortune Or? -- Ignore unavailable to you. Want to Upgrade?

To: denbuck who wrote (466)	10/31/1998 6:57:00 PM
From: hcm1943	Respond to of 520

actually the new mgmt said they may revisit inflight gaming but it looks as if Swissair is going to put the kabosh on that. see previous posts re the swisair crash

To: denbuck who wrote (466)	10/31/1998 9:02:00 PM
From: Carl R.	Respond to of 520

FLYT said they were getting into dry cleaning, and actually bought a San Diego Cleaner, Johnny Valet. They also sent out solicitation letters to cleaners across the country, concentrating on larger cleaners. The strategy was to buy profitable companies with strong cash flows at low PE ratios so that they could use up their operating loss carry forwards, a reasonable strategy. However the stockholders were apparently not excited about this turn of events, and the stock price fell not only below book value, but below the cash value. They were taken over and their management was fired. The new management does not plan to get into dry cleaning. I doubt they have any future except as an empty trading shell, but who knows. Carl

To: denbuck who wrote (466)	11/1/1998 3:29:00 AM
From: Intrepid1	Read Replies (2) \| Respond to of 520

Denbuck, I have been making enquiries into what happened to IEL, and perhaps the most shocking fact I have uncovered is that Harrah's and their boy Geller forced all the old guard off the board. As you might or might not know, IEL began its existence as Creator Capital on the Vancouver Stock Exchange. The old board nursed the concept of inflight gaming from its infancy. They raised millions of dollars overcoming huge technological and regulatory hurdles. Also of important, they maintained a good and orderly market for the company's securities. Harrah's became involved and with their boy Geller at the helm they were supposed to guide IEL from a speculative start-up to smooth operational company. As Harrah's was now the controlling shareholder everything had to be done by the book. But that should have been good for IEL given Harrah's financial clout and gaming expertise. Instead, the new board minus the old guard has effectively ruined the company. Geller and his lawyers signed off on this horrific financing which has destroyed the share price and effectively ruined the company's chances for future equity financing. Unless Geller and Harrah's take immediate action to rectify the current situation, IEL shareholders will most likely have to turn to the courts for a remedy. Is this what Harrah's and Geller want or need? Cause I will tell you this. IEL shareholders are not going to walk away from a 95% drop in the value of their shares without a fight. Harrah's and Geller might have taken IEL shareholders to the cleaners; but IEL shareholders will force Harrah's and Geller to air their dirty laundry in public. best wishes purething