Not to you Fred.
But to all. You've made me angry tonight because of your unwillingness to deal with reality. Denial is a bad thing.
This is from Raging Bull tonight.
Pay special attention to Item 4. This was the last great PP deal that took TSIG from 28,000,000 shares to 57,000,000 shares. Obviously a very well researched investment banking arrangement. Read it and think. Reality.
Item 1. Legal Proceedings:
Following is a summary of material legal proceedings that commenced
during and/or after the period covered by this report, and material developments
to previously reported legal proceedings involving the Registrant and/or its
subsidiaries:
1. Boehringer Ingelheim Pharmaceuticals, Inc. filed a lawsuit against
the Registrant's subsidiary, VSIC (under its prior name, Visitors Services,
Inc.), and Ray Wilson, an officer of the Registrant, in Superior Court, Judicial
District of Danbury, Connecticut on December 9, 1997, claiming approximately
$96,000 for alleged amounts due for use of office space under an alleged verbal
agreement. The parties entered into a Settlement Agreement dated July 24, 1998
that provides for VSI to make scheduled payments to the plaintiff.
2. Subsequent to the end of the period covered by this report, on
November 9, 1998, a judgment in the amount of $520,353 was entered against the
Registrant's subsidiary, VSIC in the lawsuit filed by Harley-Davidson Motor
Company, as first reported in the Registrant's Form 10-QSB for the quarter ended
March 31, 1998. Although no assurances can be given, VSIC believes that the
amount of the judgment may be substantially reduced on appeal, due to a
"limitation of liability" clause in the contract.
3. Subsequent to the end of the period covered by this report, on
November 6, 1998, a judgment in the amount of $69,742 was entered against was
the Registrant's subsidiary, American International Travel Agency, Inc. ("AIT"),
in the lawsuit filed by Call Management Systems, Inc., as first reported in the
Registrant's Form 10-QSB for the quarter ended March 31, 1998.
4. Subsequent to the end of the period covered by this report, Felcrest
Trading Ltd. ("Felcrest"), a defendant in a lawsuit filed by Robert P. Gordon,
individually, filed a third party Complaint in Circuit Court for Pinellas
County, Florida, on October 23, 1998, against TSIG, VSIC, and current and former
officers and directors of TSIG and VSIC and other third parties (collectively
the "Third Party Defendants"). The third party complaint asserts civil claims
for unspecified damages against the Third Party Defendants for alleged
securities law and uniform commercial code violations, fraud and negligent
misrepresentation, in connection with a private loan made by Felcrest to Gordon. The Third Party Defendants were not parties to the private loan made by Felcrest to Gordon, and Management believes that the third party claims are without merit.
The original lawsuit was filed by Mr. Gordon against Felcrest on
February 9, 1998, in connection with a loan agreement wherein Felcrest loaned
$1 million to Mr. Gordon. The loan was secured by shares of common stock to TSIG
owned by Mr. Gordon, and was convertible into those shares unless the loan was
first redeemed by Mr. Gordon. Mr. Gordon alleges in his complaint that Felcrest
manipulated the market price of TSIG's common stock, by engaging in
short-selling, in an effort to cause a technical default in the loan agreement
which triggered a substantial penalty and permitted Felcrest to convert the loan
into shares at an artificially reduce price. |
