posted
So Rufus is saying he doubts if the SEC is going to let any of the officers back in a public company till this is all resolved. Including himself.
quote:Originally posted by wallymac: For those that don't know. Michael Holbrook was part of BBAN.
GLTA Wally
Well what is he doing on a Furia 8K back in 2004?
Troubled Broadband completes merger, starts new life 2002-07-31 By Brian Brus The Oklahoman
A U.S. Bankruptcy Court judge approved a $7 million reorganization plan for Broadband Wireless International Corp. on Tuesday, allowing the troubled company to complete a merger and start a new life. Judge Richard L. Bohanon approved the plan for the Oklahoma City Internet Service Provider to swap 75 percent of its stock in exchange for an infusion of $7 million in operating capital from Entertainment Direct.TV Inc., a Las Vegas-based entertainment media promotions company.
"This was the only chance the company had of moving forward successfully. ... Without our relationship with EDTV, the company would have to be liquidated, with no hope of recovery for creditors," Broadband Wireless President Ron Tripp said. The company's debt totals about $250,000.
Tripp said that even though the high- speed Internet communications company technically is acquiring privately held EDTV, the other company actually will end up controlling Broadband Wireless. Tripp will remain on the board of directors of the combined company, but EDTV President Terry Gourley will be named chief executive.
The arrangement "is basically a business mechanism," Gourley said, allowing Broadband to remain a publicly traded shell for EDTV.
The company likely will change its name to Broadband Total Entertainment Network, Tripp said.
Broadband Wireless prospered during the tech stock boom in late 1999 and early 2000. But the U.S. Securities and Exchange Commission filed lawsuits in August 2000 alleging a "pump-and-dump" scheme to artificially inflate the company's stock over the Internet. Thousands of shareholders lost money hanging on to the stock after it peaked at $12.98 and then plunged to pennies a share.
Donald Knight, a convicted felon from Edmond who once allegedly controlled Broadband and its stock, fled in mid-2000 as the SEC and the Oklahoma Securities Department filed joint lawsuits saying he helped orchestrate the scheme and made $5 million at the expense of other shareholders. Officials said they believe he is living in luxury in Costa Rica.
The federal court later appointed a receiver to retrieve illegally obtained company stock, and new executives and directors took control of the company. At the end of last year, the SEC dropped its charges, and Broadband entered Chapter 11 reorganization in December.
Broadband Wireless investor Mike Holbrook said after Bohanon's decision Tuesday, "I couldn't be happier with this plan. ... They're (EDTV) very professional people who know what they're doing, and can really turn this around." Holbrook, his friends and family have more than $1.5 million invested in the company, he said.
Tripp said EDTV "will give the shareholders a real company." Those shares were never canceled; they will remain active and tradable, he said.
Gourley said EDTV is prepared to repay all Broadband Wireless's debts. Debts listed in court records include priority claims by the Internal Revenue Service and Oklahoma Tax Commission, and secured claims by Republic Bank of Norman and David Bernstein.
EDTV uses the Internet to promote entertainment products and information to targeted consumers. Together, the two companies plan to develop "identity ISPs" for clients, Tripp said.
"We've identified an extremely interested customer base that would allow us to develop independent ISPs with very large customer bases for entities in the entertainment world," he said. Broadband Wireless will set up individual performers, sports teams, companies or other entertainment- related clients with Internet capabilities for promotions ranging from concerts, CDs or online content. Clients already include rappers Snoop Dogg and Coolio, he said.
The company's stock price closed up Tuesday at 15.3 cents, up a fraction of a cent, on volume of 452,400 in over-the- counter trading.
quote:Originally posted by Jenna: Why are they looking into frounthaul - isn't Conversion under investigation? Doesn't make sense...... HHMMMM
Mike Alexander has allegedly admitted CEOTA was not a real company. The LOI was with FHAL, not CSHD...i imagine FHAL might have some questions to answer as well. I posted the other night that FHAL may have known CEOTA was junk and sold the shell to Rufus anyway which is why i wasnt ready to toss Rufus into the pile of whomever ran this scam
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posted
I believe this to be true...I think Rufus even said this during the first SPR interview after he became CEO again (actually during). I thought we all knew this?
quote:Originally posted by TaxBack04: When he gave the company back to Rufus he was given back his Free Trading shares, not his prefered shares.
According to that statement Rufus's confidence is well justified.
-------------------- "If you go the Extra Mile there will be no Traffic Jams".
posted
Rufus:"It's not reality....Just cause you're seeing it...It's not reality...the money is there...this thing is set to blow.....somebody's got to pay...on both sides of the fence."
Caller: "......People are not happy about the SHC, what happened is the SHC was elected on the fly - it was supposed to be temporary...."
Rufus: "They were supposed to be Nominees.....here's the problem....you turn it over to a bunch of fox & somethings gonna happen....Can anybody reach John...can anybody get in touch with him?"
HAHA- I can!!!!
-------------------- ..just remember....Family is EVERYTHING!!
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quote:Originally posted by St. Matthew: I believe this to be true...I think Rufus even said this during the first SPR interview after he became CEO again (actually during). I thought we all knew this?
quote:Originally posted by TaxBack04: When he gave the company back to Rufus he was given back his Free Trading shares, not his prefered shares.
According to that statement Rufus's confidence is well justified.
Well then the math is pretty simple... how did they pull majority shares to oust Rufus? That is going to be the question. And what about the shareholder meeting? Secret meetings of material effect do not happen in a public company. (I should say they are not supposed to.)
posted
Well, if Rufus is telling the truth- then Alana should be coming to shut down Conversion then....because the SHC did this illegally....I wonder why they let this go so long.....? That's wrong....they should have stopped it....
-------------------- ..just remember....Family is EVERYTHING!!
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