posted
I remember an earlier posting claimed that Ed himself came up with the money for the Memphis deal. With an average PPS of the dilution of about 0.0002, times 8 billion shares = $1.6 million, which is VERY close to the price of the Memphis property ($1.75M). If that's the new share structure, it all makes sense suddenly, and I like it.
Posts: 323 | From: Honolulu | Registered: Sep 2003
| IP: Logged |
posted
Has anyone here actually called to confirm these numbers or are we taking the word of some idiot on "the other boards"?
Posts: 486 | From: Tennessee | Registered: Jun 2005
| IP: Logged |
posted
IBAC Corporation to Negotiate an Increase to Their Existing Credit Facility for up to 20M Dollars for Further Acquisitions
NEW YORK, May 16, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN), a Hospitality, Restaurant, Food & Beverage Service, and Entertainment Holding Company, today announced that its Board of Directors has approved the go ahead to negotiate an increase to its credit facilities for up to 20M dollars from a group of private investor/lender's and Banks.
"We are very excited about this proposed increase to our credit facility as this will allow us to accelerate certain proposed deals we have been looking at and to seek additional acquisitions for the company," said IBAC's Chairman Edward W. Hayter. "We feel that with our solid performance, strong outlook and cash flow that now is a good time to complete other certain deals that we have been looking at and that are on the table now, to grow the company."
==========================================
I've been wondering what happened to this credit line. My feeling is that Ed may have hoped to use this credit to purchase the Memphis hotel. Perhaps the negotiations take longer than thought, or something else happened, and he was forced to dilute shares instead. Hopefully we'll get an announcement at some point that the new credit line's been approved.
Posts: 323 | From: Honolulu | Registered: Sep 2003
| IP: Logged |
posted
leardron said he confirm but they would not say if edshares are still restricted
Posts: 6008 | From: phoenix az | Registered: Mar 2005
| IP: Logged |
posted
Atlas Stock Transfer Corporation 5899 South State Street Suite 24 Salt Lake City, UT 84107 Tel: (801) 266-7151 Fax: (801) 262-0907 ...
Posts: 6008 | From: phoenix az | Registered: Mar 2005
| IP: Logged |
posted
I guess I understand now why Ed wanted to tie the ungagging of the TA to the closing of the Memphis property - it's his way of saying the shares were diluted in order to purchase the hotel.
Posts: 323 | From: Honolulu | Registered: Sep 2003
| IP: Logged |
posted
man are we diluted maybe 11.4 billion in the float if that is true its a first for me.
Posts: 6008 | From: phoenix az | Registered: Mar 2005
| IP: Logged |
posted
if you think we have something to cry about go to the udve post they might get there .05 cent a share divy from there new owners after a 1 for 10,000 r/s for every million they will have 100 share good god i hope that does not happen to ican
Posts: 6008 | From: phoenix az | Registered: Mar 2005
| IP: Logged |
posted
What else has been "promised" for the future by Ed? He seems to be the only CEO in the pinks to keep his word. And some of you wanted to file a lawsuit. Has he stated a desire to move off the pinks?
Posts: 486 | From: Tennessee | Registered: Jun 2005
| IP: Logged |
quote:Originally posted by ACKCANE: What else has been "promised" for the future by Ed? He seems to be the only CEO in the pinks to keep his word. And some of you wanted to file a lawsuit. Has he stated a desire to move off the pinks?
Yahoo! My Yahoo! Mail Sign In New User?Sign Up Finance Home - Help
Welcome [Sign In] To track stocks & more, Register Financial News Enter symbol(s) BasicPerformanceReal-time MktDetailedChartResearchOptionsOrder Book Symbol Lookup
Press Release Source: IBAC Corporation
IBAC Corporations Board Elects to Remain Intact As a Publicly Traded Entity Monday June 6, 9:28 am ET
NEW YORK--(BUSINESS WIRE)--June 6, 2005--IBAC Corporation (ICAN.PK) today announced that the Board of Directors over the weekend has elected to remain intact as a publicly traded entity. The company had previously announced that it would spin off some or all of its assets to a fully reporting otcbb company or would consider bringing the company private. The Board of Directors has decided that neither one of these strategies would be in the best interest of the company or its shareholders; hence the board has elected to leave the company and its assets intact and proceed immediately with the process of IBAC becoming a fully reporting company and moving up to either the otcbb or nasdaq small cap boards.
"The company will continue to grow aggressively through additional acquisitions per the stated business plan with the company taking possession of the recently acquired Memphis Airport Ramada & Restaurant on June 28, 2005 to be followed by the second Sanibel Steakhouse on August 15, 2005. The company is also negotiating several other acquisitions and expect to announce them in the very near future," said Edward W Hayter, President & CEO IBAC Corporation.
IBAC Corporation is a New York based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant Industries, visit the company website at
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
| IP: Logged |
posted
They've got a few hurdles to get over to becoming fully reporting. One of them is share count reduction. I don't know what the share count needs to be but it needs to be brought down. So for that to happen either Ed retires shares or does a R/s. Most likely if the price stays low he'll buy back.
I believe Leardron has heard several times that Ed has no intention of doing a R/S so I'll keep my fingers crossed and hope to see the 52 week high...Would be very nice.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
| IP: Logged |
posted
I believe him tooo. Why would Ed not buy back his shares at such a low pps...If he is making profits, why not?!! He will make money in the end. Has anyone gone on paltalk lately and talked to him...Someone kick this in the rear and lets start making some money...jease, sorry been bad holding since .0005
Posts: 47 | From: Western New York | Registered: Mar 2005
| IP: Logged |
posted
ICAN can become a fully reporting company no matter how high the float is. Also, the OTCBB does not have a limit on the float, market cap, or PPS; essentially the only requirement to be on the OTCBB is for the company to file with the SEC regularly. See here for instance:
However, the other exchanges do have listing requirements, for instance a minimum price, so ICAN probably would have to do a R/S do make that move.
Ungagging the float is a first step in the right direction. Now Ed needs to start reporting. Since he keeps on releasing monthly revenue figures, he must have some kind of accounting system in place already. So it shouldn't be too difficult for ICAN to become fully reporting. It should make a huge difference in how much shareholders trust the company.
Posts: 323 | From: Honolulu | Registered: Sep 2003
| IP: Logged |
posted
I don't have a real problem with the O/S issue. The number is pretty much in line with what we thought.
I think that there will be a r/s in the future. I think that it will probably come after the stock is better supported with some numbers. If the company becomes fully reporting and the r/s is after that, then I will be very comfortable with that.
I guess the next milestone with be reporting. I don't seem to recall a date for this happening in any PRs, but informally the end of the 2nd quarter has been tossed around. I don't know if that means the end as in on the calendar or the end of the second quarter numbers which would be sometime in the latter half of July.
A positive PR of some sort, even with little meat, would be a good thing right about now.
Posts: 97 | Registered: May 2005
| IP: Logged |
quote:Originally posted by NomarKash: What we don't know is if the O/S includes restricted shares right?
The O/S would include restricted shares by definition. The problem is that we don't know if the shares are still restricted or they are now unrestricted and part of the float. This is the part that the TA won't give us. It also seems strange that Ed ungaged the TA and we still haven't seen a PR on it yet. He could clear up the whole restricted questions if he would put out a PR stating the TA is ungaged and here is the breakdown of the O/S.
Me, being cynical at this point, believes that the 11.4 is the Float. Especially since he has made no effort to clear up the breakdown and also the TA won't give it.
As far as the R/S goes. Yes he has said No reverse split in two public forums. One in the Pal Talk discuss that he PR'd back in Feb and then also during an interview on IBC Radio.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
| IP: Logged |
quote:Originally posted by bmaxingout: 1 buy out of .03 2,1.3 billion os 3,reduction in share structure(he was actully dumping shares) 4,ungag the ta 5,become fully reporting by the end of the second quarter. 6,spin off div that would be a premium to shareholders.
do i need to go on. our buddy ed has been fibbing his azz off its time to pay the piper.I just dont understand where ed gets off thinking that he can lie to investors the way he has.
show me where he told the truth
Posts: 629 | From: new england | Registered: Feb 2005
| IP: Logged |
posted
hostile take over is what i would like to see right now
the way i see it the company dumped everything right anyone with some real money could take control of the entire company for less then 2 mill throw ed out on his azz the entire company is now up for grabs today we should be seeing no bid pps should drop to .0001 so if there is any big guns that read these boards you buy ican for pennies on the dollar.
Posts: 629 | From: new england | Registered: Feb 2005
| IP: Logged |
posted
I'm not seeing it bmaxingout. Sounds like you have been over to that cesspool RB.
Everyone seems to be getting worked up over the issuing of an ambiguous number.
I don't see where this investment has fundamentally changed. 1 month ago it was champagne and caviar, now it's murder, thievery and mayhem. What is it all based on?
Locking Ed into a course of action based on what he informally or formally stated makes no sense. Things change and there are things we don't know about. These pink sheets are volatile because there are fewer regulations and that opens the doors to shady dealings. The second part of that equations are the "players" buying the shares. It's either fortunes or criminal scams. There is no middle ground, no room for modifying a plan, no acceptance of a company deciding it's folling a faulty course. Any deviation from the perceived meaning of a PR automatically makes a CEO a criminal scammer and the company a sham.
Yes, it's common with these micros but it's not necessarily the rule. I openly and freely admit that ICAN may be a scam and we are all taken. It's pure insanity to fail to acknowledge that possibility. It's also foolish to hold a company and it's CEO to their word as it's perceived. Take the reporting for example... was it clearly stated that the company would be reporting at the date the quarter closed or through the second quarter? If it's through the second quarter, it will be weeks to a month for the numbers to be compiled. Nobody has a clear answer to when, but because it is expected that a company is a scam that the worst must be assumed.
As for the 6 points: #1 there may have been an offer of .03. Everyone seems to think that .03 wasn't enough and a reporting ICAN with 2 hotels and 5 restaurants likely is worth more.
#2 1.3B O/S. This was true at one point. I'm not sure Ed even knows what the numbers were. People were willing to accept 5B O/S and it has to be understood that shares are a tool for a company. We don't know why the shares are out, but until we do we have to assume there is a valid reason.
#3 Reduction in the share structure. Is this meant to be O/S or A/S ? The avenues are different for each. Any sort of R/S to do this is unacceptable and a buyback/retirement may not be feasible at this time. See #2.
#4 This was done.
#5 The reporting issue was addressed.
#6 Spin off Div. This action is already being hammered by people as being a scam action. ICAN claims to have decided to remain whole. That should make them a stronger company. They are likely worth more as a whole than in parts.
If anyone wants to continue to think the worst, feel free. You might be dead on. But to not give this time and the benefit of out blindness to the day to day operation of the company seems to be an overreaction.
ICAN has assets and income and both in levels that warrant a little more consideration than some other pink sheet stocks. I should be spitting nails angry right now over the price of this stock, but I'm not. I'm actually feeling half way decent and optimistic which surprises the hell out of me.
Posts: 97 | Registered: May 2005
| IP: Logged |
posted
I second that, I think NYI makes very valid points. Let's stay focused here and stay on the same page.
Posts: 1295 | From: New Jersey | Registered: Dec 2004
| IP: Logged |
posted
Very insightful NYI. I'm not ready to bail just yet. Hardly any volume this morning. Kind of surprised that there's no power dump from all the negativity going around.
Posts: 421 | From: Florida | Registered: Mar 2005
| IP: Logged |
posted
Not sure I understand the negativity. Ed said he would ungag the T/A and he did. Even if the O/S is 11.4 bil then we have still established that the pps is low. This is a company that has viable assets, correct? I understand that some of you want to make a quick buck now, but I really don't understand some of the bashing. I would much prefer to invest in a company that has a stated goal and plan and proves that said company is slowly working towards that goal than a company that promises the world and floods the media with false prs and is constantly talking to "investors" on the phone and answering e-mails from the mindless masses.
Posts: 486 | From: Tennessee | Registered: Jun 2005
| IP: Logged |
posted
why get out now after all we have been through the pps can't get much lower i can take a hit like this now or 60 to 90 days from now but if i wait there might be somthing good happen and my options are still open. hell there might even be new people to sue ha ha ha
Posts: 6008 | From: phoenix az | Registered: Mar 2005
| IP: Logged |
posted
I am actually very calm about the whole situation because something is being done about it. Whether you guys think it is stupid or not doesn't really matter. I am just sitting and watching what happens here.
No one here can understand where some of us are coming from unless you have been in this since the very beginning and listened to all of Ed's lies first hand. Alot of you are probably in at .0001 and .0002 and you might even make a little money out of it. In any event, Everyone have a great 4th and have a relaxing weekend.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
| IP: Logged |
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
