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 : NCDR -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (452)	6/1/1999 8:39:00 AM
From: Arthur_Porcari	Read Replies (2) \| Respond to of 1440

John, I believe the correct answer is your ignorance (lack of knowledge) of what is required in a 10q filing. Should a company even elect to file 10q's. Not all companies do. 10q's are not mandatory for BB stocks, usually prepared in house (unaudited) and are usually just a thumbnail of the quarters activities. What is irritating is how you and certain others on this board who have decided that this is not a legitimate company choose to use "selective" out of context quotes from the documents. If you really are trying to "educate" the innocent, then at least reference the whole quote. (I concede, you at least put a link to the whole filing) Here is a complete quote from the document that references the part of the transaction that you claim is improper. Just what is improper about it? Isn't it strange that if this was a scam company that they didn't just automatically place a value of $34,691,800 on the acquisition (the amount the prior owner claims he had in Baraka) rather then use the much smaller amount, until they can get a more detailed and accurate appraisal, as they state in the second paragraph? As part of the acquisition, the Company signed an agreement with a bank to obtain the release of the security interest granted in the bank's favor over certain assets of Telenet and Baraka Intercom, Inc. In return, the Company issued 1,005,000 shares of common stock to the bank pursuant to the bank's rights as pledgee and issued an additional 20,000 shares of common stock to the bank to be held by the bank (or its nominee) absolutely and beneficially. The bank also received an assignment, by way of security, and all rights under a put option in respect of the remaining 49% interest (not owned by the Company) in the share capital of Telenet. Telenet, along with other entities, are joint guarantors of debts of certain parties related to the former principal shareholder of Telenet in the amount of $34,691,800. Finally, in connection with this transaction, the Company issued 1,983,750 shares to an affiliate of the former principal shareholder of Telenet. The Company has assigned a nominal value to the assets purchased in this acquisition. The Company intends to appraise the intellectual property and assign an appropriate value as a result of the appraisal. Art