Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TSIG.com TIGI (formerly TSIG) -- Ignore unavailable to you. Want to Upgrade?

To: Sam LBI nj who wrote (27614)	5/7/1999 11:52:00 AM
From: Suzanne Newsome	Read Replies (2) \| Respond to of 44908

Sam, thanks for your reply. I understand that these are heavy questions and perhaps it is inconvenient for you to reply in full. Perhaps you will allow me to take a crack at the questions. >>Sam, you made several demands and threats yesterday. Would you mind clarifying a few issues for the thread?<< 1) To your knowledge, how many shares does Robert Gordon own outright (within a million is close enough)? Sam: "Way too many. just by having a 1 million share margin of error for my answer tells you that.... " Suzanne: "R. Gordon (and family) are the outright owners of approximately 14 million shares. This is stated in the 10K. Paul Henry has stated to Marty Frankel and myself that this is the correct total after the Feb., 1999, conversions." 2) How many shares are you asking him to return to the treasury? Sam: "just 2/3, thats all, we dont want him to go hungry..." Suzanne: "None. I am comfortable with the 14 million total. However, I would STRONGLY OBJECT to any further conversions at $.15 per share or any more 5 million share grants." 3) On what basis do you make this request? Sam: "Common sense?" Suzanne: NA 4) What is your best guess of how much of Robert Gordon's personal funds have been made available to the company? Sam: "A better question is.. Where and how did he originally get those funds to do this?" Suzanne: "Dixie7777 told me once that number was close to $13 million. Paul Henry said it was 80% of his net personal worth. Since I cannot prove or support that number, that should be considered hearsay. As I have stated before, I cannot say that I fully understand or approve of every share transaction that has occurred in the past, but I am reasonably comfortable with the founder/CEO who has put up a large sum of his personal money owning 14 million shares. Additional comments below." 5) In your opinion, what is an appropriate and acceptable number of shares for the founder/CEO to own? Sam: "I think 14 million shares is a pretty nice concellation pize..." Suzanne: "14 million" Sam: "what other mind boggeling questions do you have?" Suzanne: "Sam, you were a good sport to respond. I just wanted to reiterate that Gordon is the ‘outright owner' of 14 million shares and the ‘beneficial owner' of 41 million shares. "Beneficial owner' refers to the number of shares that he <<could>> own (in the 60 days following the 10K) if he were to convert the other $4 million of the Revolving Credit Loan Agreement into shares at $.15 per share. Fortunately, the company doesn't owe Gordon $4 million; they owed him $350,000 on 12/31/99. There's a possibility that the company has paid back part of that amount in cash (wait on 10Q for confirmation). Paul Henry has stated unequivocally to me that there have been no additional conversions since Feb. 1999. Henry also said that this is emergency, last resort financing, and highly unlikely to be used. Something that needs more attention and discussion from the thread is PatT's suggestion that the Revolving Credit Loan Agreement serves as a form of "poison pill" that would ward off a hostile takeover. BTW, it's this type of information that would not play well in a conference call, IMO. During my last conversation with Paul Henry, something that gave me great hope is a brief comment he made to the effect that he was busy working with Golin/Harris on some things in the 10K. My interpretation of his comments was that perhaps G/H had pointed out some things in the 10K that were offputting to potential investors and needed to be cleaned up. It will take some substantial funds to truly clean up the 10K, but I was ever so relieved to hear someone from the company finally say that this was a concern. The following comments come under the heading of "Past Reality" i.e. that which cannot be changed. TSIG has baggage. TSIG has made mistakes. TSIG has some problems it is having to clean up. TSIG isn't the sexy little Internet stock with 5 million outstanding and 1 million float with a web site. TSIG has a lot of shares because it has had to fund past mistakes and is funding its future vision. The good news is that the future is one heckuva fantastic plan!" Sam, thanks again for your response. It may be later in the weekend before I can post again. Regards, Suzanne