To: Mary McGee who wrote (27342 ) 4/13/1999 9:26:00 PM From: Freddie Forte Read Replies (2) | Respond to
Joyce.....Most shareholders feel the same way you do and it is truly tragic that this was the course of action that had to be initiated. In all probability, the court will appoint a receiver to take control of Firamada next month and a responsible, honest and determined individual will lead this company into respectability. There was no other remedy to salvage whatever investment we had left. Management's intentions are quite clear. Wipe out existing shareholder's investments with a reverse, leave shareholders with no voting rights, issue more shares and preferred stock to management, dilute shareholders investments once again and cash in when the coast is clear. Where's all the money from previous stock sales? It sure didn't make it to the balance sheet. Why hasn't Famh paid outstanding payroll and workman comp taxes dating back to '97? Why is their corporate charter in Texas revoked for failure to pay? Why aren't '98 financials finished yet? It's been over a year for the 1st quarter of '98 and still no financial information. Why???? Who's doing the hiding? A 3 week computer crash is about a lame excuse that you can pick and that's what Arif feeds shareholders. Management's refusal to tell the truth, produce timely and accurate financials, an obvious lack of development of any consistent business plan, misappropriation of funds, a CEO that is grossly overpaid for his abilities has all contributed to the decimation of this company. Why the high turnover rate among presidents, CFO's, investor relations, and sales people in this company? That to me is the most revealing issue. Firamada is a staffing company and yet people through fire or resigning have left the company. Why? Mostly fired, however. A staffing company who can't find good help? Something doesn't add up. Most, if not all, current shareholders have been damaged financially directly attributed to the misleading and blatantly false press releases and conference calls from Arif Adam. I, personally, as many as you have, listened to that now infamous conference call where Arif Adam, CEO, proclaimed earnings for 1997 to be ".1085 OR BETTER". We all heard him. Did I pick the right one, Wally?
