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.
Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: StockDung who wrote (88831)12/18/2004 12:08:55 PM
From: scion  Read Replies (1) of 122063

40. Streamedia was organized by Rupp and Essary as a limited liability company in New Jersey in September 1998. In December of 1998 the company was reorganized as a corporation in the State of Delaware under the name Streamedia Communications, Inc.

41. For the twelve months ended December 31, 1999, the Company had no revenue and a loss of $3.8 million.


42. Thus, at the time of the IPO, the Company had no revenue, no customers, no user base, no proprietary technology, no intellectual property (with the exception of 2 intended trademarks that have since been abandoned), no networks, no system or ability to deliver products or services, no technical competence, no offered products or services and less than 10 employees. The two founders, Rupp and Essary, together with others had paid on average less than 16 cents per share for the Company’s stock less than a year earlier, yet the Company and the Underwriter Defendants assigned a per share price of $8.50 in the IPO - implying a market value of more than $38.0 million to the Company.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext