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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Douglas G Prettyman who wrote (29154)	3/16/1999 9:33:00 PM
From: jhild	Read Replies (4) \| Respond to of 43774

Well here's an interesting post, picked up via Raging Bull, from AOL. With a pedigree like that it must be real, solid DD. Besides it sounds a lot like what Carl Kruse might say, and since who knows even Carl throws in a couple of facts to stick the whole thing together now and then, I thought it contained some interesting statements. So it would seem that Leo Doyle was talking about Ken Christian, President of FirstStates, and Willard (Bud?) Bullock in this conversation. So one way to read this story is that Ken, Leo and Bud got downsized in the merger of CoreStates and First Union. And so looking for some kind of work to tide themselves over have hired themselves out as consultants. So to put the PR together with this info, we have some consultants in a company called FirstStates that is itself in a joint venture now with PABN/PRWT. As consultants I suspect they are getting restricted shares as compensation, though with no financials . . . But as consultants then, just who is the owner of FirstStates? Is it partly, or wholly, now PABN itself? And where is the minimum capital requirements to start such a thrift coming from? Surely not these guys. And does PABN really have that kind of money to float the whole deal? Subject: Re: FirstStates Date: 3/16/99 12:18 AM Eastern Standard Time From: DGuy123 Message-id: <19990316001831.26642.00001218@ng-fw1.aol.com> As a quick follow-up to my prior post regarding FirstStates: Leo Doyle called me when Ken C. couldn't get back to me (I had left a very late night message on his machine at his office). Ken C. then asked Mr. Doyle to call me. Leo Doyle used to be "outside counsel" to CoreStates. If anyone doesn't know, by now, CoreStates was a big bank in the Pa region. Mr. Doyle started to explain that to me, and I let him, but my research had already established as much. CoreStates had been bought out by the even bigger First Union. No intoductions are needed there, I guess! At that time, "Bud" and "Ken" were invited to stay on with First Union, but it would have required relocating to NC. They instead opted to strike out on their own, with Leo Doyle, and formed FirstStates. [That was 1997, as a prior post showed.] Leo Doyle says, with obvious conviction, to my ears, that "Bud" and "Ken" are very well respected in the banking community. Based on their postions with CoreStates (see PABN's press release), I don't doubt this at all. FirstStates does, essentially, consultation work for banks. "Risk Management" and "portfolio analysis," etc. They help to determine proper risks, and proper interest rates, and the like. Since PABN's own RMC is "heavily involved" in mortgage business, John S. was "drawn to" the reputation and experience of Ken and Bud, according to Leo Doyle. The "joint venture" with FirstStates is apparently on a consulting basis, if I understood Mr. Doyle correctly. Ken and Bud are not slated to become PABN officers, per se, again if I am not misconstruing what Leo Doyle said. Rather, they will act in the capacities ascribed to them in the PABN press release, but in a consulting capacity. Part of the goal is to add a level of accountability and experience to the entire PABN operation. [John S. is obviously thinking long term, imho]. We discussed other matters, too, like the apparent concerted and orchestrated efforts of a group (or groups) of internet bashers. This issue will be addressed with John S. by Mr. Doyle, he told me. Overall, Mr. Doyle in the fairly brief telephone call made a pretty strong impression. This looks more legitimate by the moment! ragingbull.com