| To: Pugs who wrote (19177) | 11/17/1997 11:32:00 PM | | From: Malcolm Thomas | | | |
"If you're shakey" ... this is what shakey looks like:
Late financial report; promises of merger closings; promises of newsreleases; promises of a squeeze that is just a few weeks away. Add to this list the fact that RMIL could not tell a shareholder the size of the public float today ... now that is starting to look shakey. |
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| To: Malcolm Thomas who wrote (19178) | 11/17/1997 11:34:00 PM | | From: MZUBOZ | | | |
Malcolm,
I think that Pugs has already addressed this issue. However, after my last post I reread HRAKA's report and then went back to John Gault's report this morning. Maybe what is taking so long is the effort to determine how many shares are actually in "shareholder name." That is what Gault was referring to this morning and may be why Morgan did not give any number until that is determined. Only a supposition on my part. |
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| To: KMT who wrote (19181) | 11/17/1997 11:38:00 PM | | From: s martin | | | |
They said they don't do that : From the Equities Article:
>>>.Worse news was Gary Morgan attracted expansion capital. To raise capital in a hurry, Olympus issued a 13 million share Reg. S offering in late November of 1996 at a 30% discount from the market. It was a daring, highly dilutive action to take. A month earlier, he also hired the Taft brothers of Summit Marketing, which placed a two page paid advertising profile in October 1996 Equities entitled, "Olympus Ventures Bundles Profitable Entities into One Public Company". Some readers bought shares and all hell broke loose.
Trading volume went insane. More shares seemed to trade then existed (the classic sign of a bear raid). To the dismay of management and existing shareholders who bought shares at much much higher prices, the bizarre downward cascade of shares devastated the price of the stock. This curtailed and postponed Morgan's secondary financing plans. Rumors were being spread about him and the company. The worst one, and he swears it was untrue, is that he and his president had hyped the price and now were unloading shares no one knew they had.
In a panic, Summit Marketing promptly resigned the account. They claim Summit hadn't been informed about the 13 million share financing and worried foreigners were dumping their low priced shares in the U.S. "I can get new clients, but I can't lose my credibility." a worried Jason Taft told Equities. "I don't know where all this selling is coming from." <<<<<,, |
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