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Gold/Mining/Energy : JAB International (JABI) -- Ignore unavailable to you. Want to Upgrade?

To: Fred C. Porzio who wrote (4068)	11/15/1998 1:08:00 PM
From: Fred C. Porzio	Read Replies (1) \| Respond to of 4571

To ALL: Larry's message (from Yahoo board) continued: Part-2, Response to BCMD Board Letter by: lstockett (51/M/Las Vegas, NV) 14899 of 14904 From: Larry Stockett To: Shareholders of BCMD Re: Part 2 of response I also provided the BCMD Board with the names and phone numbers of the appropriate people to contact to conduct their due diligence. I felt the most important contact was the Managing Director of Phoenix International so that they could verify the commitment of the $50 million in cement company assets that I will own 51% interest and have proposed to invest my interest into Brush Creek. I also notified them that since the assets are coming from a public company in India that their lawyers and auditors will be the most appropriate contacts since U.S. Cement is a new company formed for the purpose of accepting their assets and implementing a new import business for foreign cement. I requested that they provide me with an updated list of liabilities and threatened and pending lawsuits and outstanding judgements so that I can assess the risk of depositing or investing $100,000 cash before having any access to current due diligence information from them. Obviously it will take me a lot longer to do due diligence on them than they could possibly spend doing due diligence on me. The most important element of my due diligence was provided today. Nasdaq has given them until December 10th to have a written hearing. The information however must be provided by November 25th. The letter from NASDAQ emphasizes that no extension will be granted. This essentially allows only ten days to conduct an audit and file a 10-k and 10-Q or have a very good draft and a very good excuse. NASDAQ may delist the company automatically if the written response is not satisfactory. It seems quite unlikely that the company can conduct an annual audit and prepare a 10-k in the next ten days, even if it had the $100,000 their letter says will be needed. Especially in light of the circumstances which have occurred which are totally unresolved. For me or any other investor to risk $100,000 cash and hope the company does not get de-listed for failure to file its annual report and 10-q's would be a very large gamble. Anyone attempting to solve this problem will be dependent on Jim Chapin and his accounting staff and legal advisors to provide all of the information. I do not know whether or not I should spend the next ten days trying to resolve BCMD's problems. I would certainly feel more inclined if I had the freedom to obtain the money from Sterling or Volcanic. At least I will have only wasted my time and not my money, if I cannot solve these problems. Depending on the cooperation of the auditors, Jim and his staff, I could get a 10-k prepared which Jim would be required to sign representing that the liabilities and reserves for contingent liabilities are undeterminable and the 10-k and 10-q will be un-audited, and resubmitted within 60 days with an audit if the NASDAQ listing can be extended. I know this does not provide anyone with any certainty and I am sorry for that. I have offered to meet with the Board Tomorrow or Monday and they have said that Jim and at least one other board member will be pleased to meet me in person. I will update another post if they chose to meet with me. Remember my favorite quote. It's alway's darkest before the dawn. I have pulled many rabbits out of the hat at the last minute. I think all of you owe a thank you to irvineskully for taking the time and trouble of visiting me in Temecula to determine for herself whether U.S. Cement is for real. I can assure you I am for real and I will try my hardest to solve these problems if I am given the opportunity before it is too late. I again encourage the Board to put me in charge and let me determine whether it is worth risking the $100,000 after I have been given total access to the books and records and the authority to conduct business on behalf of the company. Continued again. Posted: Nov 15 1998 2:47AM EST