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LAKE DALLAS, TX -- (MARKET WIRE) -- November 30, 2006 -- Conversion Solutions Holdings Corp. (OTCBB: CSHD), a Delaware Corporation, announces the following current events have taken place:
On November 30, 2006 Conversion Solutions entered into an agreement with the law firm of Fields, Howell, Athans, & McLaughlin "FHAM" with Mr. Terry R Howell as the company's corporate and litigation attorney.
We have retained the services of MPR Source, Inc. as the company's public relations firm.
James Gee has resigned as the Chairman of the Shareholders Committee. "I regretfully must step down as the former CEO appointed Chairman of the Shareholders Committee. My tireless efforts in supporting the committee have been my pleasure but due to personal time restraints, I cannot devote the required time to the shareholders," stated former Chairman of the Shareholder Committee James Gee.
Mark Porterfield has been appointed by CEO John L. Arlitt as Chairman of the Shareholders Committee. "I would like to thank James for all his effort to get the ball rolling with the committee. He can never be thanked enough for the effort he put forth on this project. Moving forward, the Committee will have the singular focus to develop the basic infrastructure that will guide the future of the Shareholder Committee. This will include developing the basic governance structure, website, communication, audit procedures. By developing the basic infrastructure of the committee we will be able to move from an appointed committee to one elected from the shareholder base.
"Over the next few days and weeks the website (www.cshdshareholdercommittee.com) will be updated with several announcements. Please check here often for updates and information," stated Mark Porterfield, Chairman of the Shareholders Committee.
Dated: November 30, 2006.
About Conversion Solutions Holdings Corp.
CSHD is a diversified holdings corporation, which was formed to originate, fund and source funding for asset-based transactions in the private market. CSHD's main service will be to acquire, fund and provide insurance to target companies in the currently underserved $15,000,000 to $100,000,000 asset finance market. Our funding will enable our businesses to compete more effectively, improve operations and increase value. CSHD is headquartered in Kennesaw, Georgia, a suburb of Atlanta. For more information, please visit us at http://www.cvsu.us/.
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives and expectations for future operations and are based upon management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Wow...Anthony claims that he voted...but he is not on the committee? WTF? so all the "inside group" that were in on that phone call got called and allowed to "vote"?
WTF is that?
Rufus admitts to appointing James Gee to the committe.. BUT where does it state that the SHC have the authority to remove an officer?
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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quote:Originally posted by 10of13: Wow...Anthony claims that he voted...but he is not on the committee? WTF? so all the "inside group" that were in on that phone call got called and allowed to "vote"?
WTF is that?
Rufus admitts to appointing James Gee to the committe.. BUT where does it state that the SHC have the authority to remove an officer?
quote:Originally posted by TaxBack04: Fears have been realized... John Arlitt and Dogman used everyones share information on the shareholder comittee to proclaim a vote and unanamous decision.
No they did not.
-------------------- - "Pay it Forward" Posts: 1524 | Registered: Jun 2006
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If Rufus is saying the only people who could vote are the people on the board - well there was no Board besides him was there? So who's next in line? Is it the Chairman of the SHC that has the right to vote? That would only be James Gee....I don't get it... What is going to happen?
-------------------- ..just remember....Family is EVERYTHING!! Posts: 3944 | From: Rochester, NY | Registered: Sep 2006
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If they did it illegally would Rufus have let them. Sounds whimpy to me for big bad fighting Rufus. Thats not much defense of the company.
Posts: 957 | Registered: Jun 2006
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I'm agreeing with port here.. BUT... IF the peeps that were in on that call were the only ones allowed to vote? PORT? that is WRONG!
quote:Originally posted by portman:
quote:Originally posted by TaxBack04: Fears have been realized... John Arlitt and Dogman used everyones share information on the shareholder comittee to proclaim a vote and unanamous decision.
No they did not.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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quote:Originally posted by 6digits: If they did it illegally would Rufus have let them. Sounds whimpy to me for big bad fighting Rufus. Thats not much defense of the company.
I do not like the way Rufus plays the game but I do believe he still has the deck ridiculously stacked in his favor. Why?
The entire first phase of this company hinges on the ability to hypothecate the existing bonds AND the interpersonal relationships with the other players... Rufus, and to a lesser extent Ben, have both of those aces and so I do not see anyone doing anything without Rufus. If this does turn out to be a power play and John and others are up to no good then I see them getting burned. I hope that is not what is happening but IF it is then we'll still be alright in the face of another obstacle.
In order to touch those bonds in Euroclear you will need to be the authorized signatory and present a passport number - that is Rufus. I'm pretty sure Rufus did not leave that valuable information laying around.
The John takeover never felt right to me. I initially wrote it off as a way to appease the SEC; now it seems there is something else going on. Rufus always spoke like there was a person waiting in the shadows to take over CSHD and a semi-hostile shareholder takeover does not fit that plan. Remember when Rufus said that CSHD needed a "prettier face" as CEO? Well he just said John is not pretty enough. Nice clue big guy.
Heres hoping this gets smoothed out quickly, for everyone involved.
... In My humble Opinion
Posts: 150 | From: None | Registered: Jul 2006
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On November 27, 2006, Conversion Solutions Holdings Corp. shareholders, representing 51+% of the eligible voting shares of the Company, based on a unanimous recommendation from the CSHD Shareholder Committee, have voted and agreed to remove Mr. Rufus Paul Harris as Chief Executive Officer and Chairman of the Board due to, but not limited to, the following reasons:
The committee ONLY brought forth the “RECOMMENDATION”, the “ELIGIBLE VOTING SHARES” made the vote!
Posts: 386 | From: Plano, TX | Registered: Oct 2006
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Tex- it was Rufus arguing the point about the vote not being legal to oust him....I am shocked almost everyday - just when you think nothing else can shock you- BOOM!
-------------------- ..just remember....Family is EVERYTHING!! Posts: 3944 | From: Rochester, NY | Registered: Sep 2006
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Rufus says that we are automatically going to be charged with fraud regardless of hypothecation etc.???????????
Posts: 6410 | Registered: Jul 2006
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it's interesting that this news came out right now at he same time Rufus is talking to the world about things he won't PR to the shareholders.
Posts: 957 | Registered: Jun 2006
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