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Microcap & Penny Stocks : Columbia Capital Corporation-Computerized Banking (CLCK) -- Ignore unavailable to you. Want to Upgrade?

To: Arcane Lore who wrote (854)	12/13/1998 8:14:00 PM
From: Arcane Lore	Read Replies (2) \| Respond to of 1020

The November issue of Credit Card Management has an article: "The Strange Tale Of BestBank" ( ccm.faulknergray.com ). Naturally the article is primarily about BestBank, however, there is also some information about CLCK including: 1. The article has information regarding the timing of FDIC action on the BestBank credit card portfolio that I don't believe I've seen on the thread previously: ... The FDIC later sold BestBank's non-card related assets to Pueblo Bank and Trust Co. for a $1.1 million premium. And an FDIC spokesperson says the agency on Nov. 10 will accept bids for the card portfolio, with the sale expected to be completed by year-end. Visa credit and debit cards make up the largest share of BestBank's 560,000 account portfolio although the bank issued a small number of MasterCard debit cards tied to a mutual fund. Those debit cards were transferred to Pueblo Bank. 2. A sidebar on CLCK notes (as does the recent 10-Q) that in addition to signing some new contracts, CLCK has lost or is losing some earlier customers. Note also that the sidebar inaccurately indicates the ABN acquisitions are pending even though they will not take place as announced earlier (see go2net.newsalert.com ). Probably this news release appeared after the article went to press. The article also apparently does not explicitly mention the civil suit against Mattar, Boyd, Baetz and Gallant - presumably for the same reason. 3. The article notes that: Baetz and another Century Financial executive, Glenn M. Gallant, made a last-ditch effort to keep BestBank afloat, offering regulators $600 million worth of stock in Fort Lauderdale-based Columbia Capital Corp. Baetz and Gallant are majority shareholders in Columbia, whose wholly owned subsidiary, Abilene, Texas-based First Independent Computers Inc., serves as BestBank's processor (box, page 28). But regulators rejected the offer. "It wasn't $600 million in cash, but in securities, and we had questions as to the value of the securities," Commissioner Fulkerson says. "It was not an acceptable offer." Assuming Gallant and Baetz offered all of their approximately 10.6 million CLCK shares to pay off the $600 million claim that works out to about $56.60 per share. Fulkerson appears to have a knack for understatement.