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I thought Eade was CEO and James was president. I don't think a President can fire a CEO, it's the other way around. As far as Eade, what a POS, anyone who avoids paying child support is a Scum Bag.
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Well, I should hear back from James shortly. I sent him this email:
Hi James, Could you let me know if there is any truth to this statement I found? I hope you can immediately put out a PR to defend it if it isn't true or a PR about his termination if it is! You seem to be a person of strong integrity. Perhaps you fooled me, but I doubt it. If this is what this guy is all about, you'll never have a successful company with him on board. Now that this story is out, it will haunt you until eventually the company folds and starts over under a new name only to do this again in the future. Not sure about you, but I have a conscience and couldn't do that to people, no matter what kind of money it made me. It's time to make a decision whether you want to be part of a successful motion picture company or part of a company who's real motive is to continually scam people. The reverse split is going in the same direction as the others. Perhaps you aren't aware of Ken's tactics to make a buck. Many people have suffered because of him and I hope you put an immediate stop to it. Denouncing a reverse split and firing a very dishonest man at your healm would strongly signify your intent to make this a profitable company not only for your board, but for all shareholders. The decision you make will be a test of the character I thought you had which I have strongly defended over the past few months. Our previous conversations led me to believe you were doing what you were doing for the right reasons. If you are taking advice from Ken Eades, you are headed to making lots of money without a conscience. Are you the man of character many of us thought you were? I hope you prove me right and I wish you continued success on your projects. I look forward to an immediate responsse as you have done in the past. Thanks, **** *******
Wow, I just stumbled upon some very interesting information. I was bored and decided to see what was on the Internet about the guys heading this company. But let me preface what I'm about to say by saying that I am a current shareholder and planned (until I found this) to hold this since I'm down 80% on this bad boy and really had nothing more to lose. I'm truly not "bashing" this stock, I'm just sharing this information that I found.
But, seriously, this is worth your time....
Full read to get you started is here (it's a cache'd Google link), I'll summarize below: [url= http://64.233.179.104/search?q=cache:DtVyxxXucJsJ:www.our-street.com/psBuzz%2520 - %2520Palm%2520Springs%2520Buzz.htm+%22Kenneth+Eade%22&hl=en&gl=us&ct=clnk&cd=12 ]http://64.233.179.104/search?q=cache:DtVyxxXucJsJ:www.our-street.com/psBuzz%252 0 -%2520Palm%2520Springs%2520Buzz.htm+%22Kenneth+Eade%22&hl=en&gl=us&ct=clnk&cd=12 [/url]Kenneth Eade, Chairman of Imperia and the guy giving Hergott all this"advice", has been named in lawsuits accused of aiding in driving companiesinto bankruptcy not once, not twice, not even just three times, but at leasta half-dozen times. Including with Imperia Entertainment under a previousname, Ameri-Dream Entertainment.The President of Ameri-Dream accused Eade of fraudulently manipulating thestock, unusual use of holding companies, and the massive dilution of shares,sending stock prices from over $5 to under a penny in just a few months.This includes lying to the SEC in regards to proxy voting on reverse splits.In an SEC filing he lied about the number of voters/proxies present to meetthe required minimum, in a meeting where he made his mother-in-law directorof the company, did a 10:1 reverse split, and changed the name to SoleilEntertainment (the name before Imperia Entertainment) ("Signature Films"also fitting into the name-change thing somewhere along the way). Thelawsuit was eventually dismissed with prejudice after an undisclosedsettlement.And just a little icing on the cake, since being admitted to the CaliforniaBar he's been suspended no less than a dozen times.Not in the above link is the fact that just a year after the 10:1 split as"Ameri-Dream", "Soleil" had it's own 30:1 split in June of 2004.Why? To paraphrase the shareholder notice -- Because, despite purchasinggreat properties, and having great news and prospects, the stock wasundervalued which made securing financing difficult. Sound familar?Change the name, wait a year, do a reverse split.Change the name, wait a year, do a reverse split.Change the name, wait a year (Soleil to Imperia last July), do a reversesplit.Anyone see a pattern forming here?Also, when looking up any SEC filings with either his or his wife's (hiswife tends to be listed as owner of the stock generally) he's been involvedas the "Counsel" in dozens, if not hundreds of PinkSheet companies doingReverse Splits. Some on a very regular basis. Reverse split scams are whatthis guy does.If you wanna get really deep in something weird, take a look at SpecializedLeasing (SZLG). I can't even make sense of the web of holding companies andreverse splits. And with every subsequent move, Eades (or his wife's)position gets larger and larger, then the companies are brought under theumbrella under the guise of some "strategic acquisition" which looks greaton the PR and the stock prices go up.And Ameri-Dream? The company before Soleil which was before Imperia. Man,that's a great story. It shared "offices" in the middle of the desert withfourteen other penny stocks, including the Specialized Leasing I mentionedabove. It had promises of these great movies to be made, and some HUGE $200Mstudio out in the middle of nowhere. And guess who the common guy whoamongst them all? Kenneth Eade.Scammer doesn't even BEGIN to describe this guy. It makes me sick to mystomach that I put so much of my money into this company, and lost it, onlyto NOW find out these things.
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I want to believe that Hergott wants to do good by his company. I particularly note that throughout his emails and even some PRs, his statements amount to "Well, Ken said...". It was Ken that convinced him that a reverse split was the only way to go. It was Ken that, according to James, sold hundreds of millions of shares in the past couple months without telling anyone.
The guy is a young film-maker and somewhat limited in his business ability. Ken is 'experienced' and made him head of his own production company. He'll believe whatever he tells him, particularly when it comes from no less than a professional con artist.
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In all fairness Eade is an IPO/SEC attorney. By very nature he's going to be "linked" to a lot of companies. It's the ones where the shares go into his wife's name, and grow in percentage filing after filing, have companies as shareholders that you can trace back to Eade or his wife, are continually reverse split, and change their names, that are the weird ones. And there's more than just a few with this guy.
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I have defended James for some time and still believe he is a good man. Nothing like being used, which is what Ken has obviously been doing to James. James had a vision and wanted to make movies. I think Ken took strong advantage of that and here we are today. We'll see what a man of integrity James is within the next few days. Thanks for bringing this to light. Wish I had been netter with my DD than I was. We all learn!
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very true sigma. I haven't had time to follow up on all the companies to see what the track record is on them. don't have that much time at the moment.
-------------------- COMMUNICATION CAUSES LEARNING!!!!!
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A word of advice - Don't put too much in these pinks,they are this low for a reason.I don't like to bash but like a lot of others over the years i lost a lot.Do your on dd because everyone will pump stocks they own.Its just human nature.I never hear anyone bad mouth a stock they recently bought.
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Well I am CEO of my company and I can fire any of the officers, attorneys, CFO anyone!! and it does not have to go to a board vote.
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BEVERLY HILLS, Calif., Jun 09, 2006 (BUSINESS WIRE) -- Imperia Entertainment, Inc. (Pink Sheets:IPRE) announced today that, as a result of numerous shareholder requests, its board of directors has approved an amendment to the articles of incorporation, to be approved by a majority of the outstanding shares in the shareholder meeting on June 12th, to reduce the authorized common shares to 500 million from the current 2 billion authorized shares.
About Imperia Entertainment, Inc.
Imperia Entertainment, Inc. (www.imperiaentertainment.com) is a company which has emerged as a player in the area of independent film production and distribution, once monopolized by the major film studios. In conjunction with its distribution subsidiary, Imperia International Distribution, the company engages in investing in and producing and distributing full-length feature films. Along with its equity interest in the widely anticipated "All That I Need" (www.allthatineed.net), released in theaters last December and to DVD in February, Imperia's film properties include its feature film in post production, "Say it In Russian," "Brothers," by Tarquin Gotch ("Home Alone"), "Never Submit," a feature film on the subject of mixed martial arts, and the award-winning "Autograph" television series (www.autograph.tv), which airs on the Colours Television Network. Also, through its majority owned subsidiary, Muller Media, Inc. (Pink Sheets: MLMD) Imperia produces family films, such as "Whiskers," by Jordan Klein ("Flipper," "Splash," "Cocoon").
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Imperia Entertainment, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Imperia Entertainment, Inc.
CONTACT: Imperia Entertainment Inc.James Hergott, 310-275-0089orPublic Relations for "Say it in Russian"Lauren Lewis, 310-300-0950, ext. 238 llewis*lcoonline.comorPublic Relations for ImperiaVivian Fullerlove, 214-564-3359musbviv*yahoo.com
Copyright Business Wire 2006
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-------------------- One wrong move and you're eatin bag-nasties just to survive! Yahoo Messenger: Jason52907
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Not THAT is news we can use!!!!! Good for James Hergott. What they didn't mention was whether or not they were still planning on a R/S. Wonder why that is?
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Well, I jumped the gun on this one. I was thinging they were buying back. Guess I was expecting him to react to his con man sidekick and chose to buy back. I need to learn to read!
There is actually nothing more than what we already knew. A 1000/1 R/S.
Still haven't heard anything from my email to him.
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Can anyone explain exactly what this means. Is this the R/S we were expecting or are they simply going to change the number of shares and go from there? Very limited info on this brief pr.
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If they are 'only' reducing the outstanding shares, then we just quadrupled our value. If it is the R/S, then we are no better off.
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no one KNOWS the REAL O/S no one knows what the split ratio will be, when that news is announced they could split the very next day!, buying now is VERY risky!
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well if they say its two billion and they want to cut it down to 500 million thats 4 to 1.or they may be talking about the 2 billion shares the company has that way they cant flood the market after the rs with the 2 billion but only the 500 million
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When you do a 1000:1 reverse split, who cares if your authorized goes down by 75%.
When you turn 2,000,000,000 shares into 2,000,000, even having 500,000,000 shares authorized gives you 498,000,000 shares to sell if you need to -- that's 249 times what you start with.
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BEVERLY HILLS, Calif., Jun 09, 2006 (BUSINESS WIRE) -- Imperia Entertainment, Inc. (Pink Sheets:IPRE) announced today that, as a result of numerous shareholder requests, its board of directors has approved an amendment to the articles of incorporation, to be approved by a majority of the outstanding shares in the shareholder meeting on June 12th, to reduce the authorized common shares to 500 million from the current 2 billion authorized shares.
About Imperia Entertainment, Inc.
Imperia Entertainment, Inc. (www.imperiaentertainment.com) is a company which has emerged as a player in the area of independent film production and distribution, once monopolized by the major film studios. In conjunction with its distribution subsidiary, Imperia International Distribution, the company engages in investing in and producing and distributing full-length feature films. Along with its equity interest in the widely anticipated "All That I Need" (www.allthatineed.net), released in theaters last December and to DVD in February, Imperia's film properties include its feature film in post production, "Say it In Russian," "Brothers," by Tarquin Gotch ("Home Alone"), "Never Submit," a feature film on the subject of mixed martial arts, and the award-winning "Autograph" television series (www.autograph.tv), which airs on the Colours Television Network. Also, through its majority owned subsidiary, Muller Media, Inc. (Pink Sheets: MLMD) Imperia produces family films, such as "Whiskers," by Jordan Klein ("Flipper," "Splash," "Cocoon").
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Imperia Entertainment, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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The talk was a 1000/1 RS. If they are reducing the number and then splitting it, it is still good for the holders. Problem is that the PR was too vague and didn't explain what their intentions are.
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