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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Saturday who wrote (10582)	5/6/1999 4:54:00 PM
From: Norman H. Hostetler	Read Replies (1) \| Respond to of 13091

Unfortunately, the legal history of the limited partnership units is so tangled that GRNO's lawyers are adamant that the company cannot sell them. I had inquired about this option myself. Two units ($100,000) would be enough to bankroll the plant's continuous operation, all 14 ($700,000) would also be enough to upgrade the processor to the 1000 gph model. As you may recall, one of the issues the SEC identified as a problem was the numerous interlocks between GRNO and the partners, some of which the SEC claimed to be not fully complying with federal securities law. Not being a lawyer, I can't speak to the issue, but GRNO as a company did not contest the allegation, so there must be at least a good probability that the SEC's view is generally correct. It doesn't take much imagination to see why the lawyers might be adamant about not opening that can of worms again. This is another area where Jon Anderson did not serve the company well--I remember spending over two hours talking to him about some of the issues (unfortunately, I didn't know about the SEC rules then), but nothing was ever done about them. The legal partnership agreement is very poorly written, and in many cases not clear, in addition to not providing adequately for the kinds of separations that concerned the SEC. Back to Charles's Plan A again, I'm afraid. =+=+=Norm