posted
No problem cassity. I'm sure you know me by now, and you know what I'm getting at.
Go to work, don't worry about responding right away, it was just something that made me go Hmmm, and I wanted to point that out, as it seemed to had gotten lost in the excitement of the news.
It's just that I see a message there, and I didn't know if anyone else picked up on it.
Regardless, I appreciate the forwardness of his message, rather than pumping BS like Sulja Bros.
-------------------- ~You aren't wealthy until you have something money can't buy.~
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posted
Thanks Cass for clearing things up for me. Went to IHub and actually was spun around so much I got sick. Added more to my position today. This board seems humane. I think I will stay here for now.
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posted
today was not my day, had some other things to do... i missed all the good runners guess some people had a good day! i had 2 trades here: buy at .04 sell .049 buy at .04 sell .038 VFIN at .04 was really ugly today! they were dishing out shares hand over fist... when i made that second buy at .04 it looked like it could go, but VFIN killed it as good as the company may be but chartwise it looks bad now the only good thing there is to say that the ma20 held twice i wonder what´s in store for next week here
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posted
Percentages based on 920,558,174 shares of common stock issued and outstanding as of January 9, 2007.
2)
Shares issued to Golden Gate Investors are held in an escrow account. While the shares are in escrow, the shares are voted by the Franchise Capital Corporation Board of Directors. Since Golden Gate Investors has neither the right to vote the shares nor the right to dispose of them, Golden Gate Investors does not meet the definition of beneficial ownership of the escrow shares. Were Golden Gate Investors to be considered the beneficial owner, Golden Gate Investors would control 843,818,400 shares, which is approximately 92% of the Company’s issued and outstanding common stock.
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quote:Originally posted by Uncle Smelly: From IBub...
"NEW SHARE STRUCTURE
Only stockholders of record at the close of business on January , 2007 are entitled to vote at the Meeting. The Company's common stock is its only class of voting securities. As of January 9, 2007, the Company has 920,558,174 shares of common stock issued and outstanding. Of this amount 780,678,923 shares are held in an escrow account for the benefit of Golden Gate Investors, Inc. and are voted by the Company’s Board of Directors."
So if Andrew was telling someone today the float has not changed from 72M... well... that's not entirely accurate.
Why is it whenever I buy these stocks this crap happens, lol? Well GLTA on Monday, I'm going to get out and wait for the .02's or possible sub-penny again if I'm interpreting this correctly.
Smelly he never said that to anyone! I'll tell you what he said in about an hour on my break.
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quote:Originally posted by Uncle Smelly: From IBub...
"NEW SHARE STRUCTURE
Only stockholders of record at the close of business on January , 2007 are entitled to vote at the Meeting. The Company's common stock is its only class of voting securities. As of January 9, 2007, the Company has 920,558,174 shares of common stock issued and outstanding. Of this amount 780,678,923 shares are held in an escrow account for the benefit of Golden Gate Investors, Inc. and are voted by the Company’s Board of Directors."
So if Andrew was telling someone today the float has not changed from 72M... well... that's not entirely accurate.
Why is it whenever I buy these stocks this crap happens, lol? Well GLTA on Monday, I'm going to get out and wait for the .02's or possible sub-penny again if I'm interpreting this correctly.
Smelly he never said that to anyone! I'll tell you what he said in about an hour on my break.
You're right I was wrong - I read your post incorrectly. My apologies!
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posted
Haven't had time to look at the new filing, but wanted to add something that me and Andrew had talked about today. When he said that they have a lot of filings to CLEAN up, I asked if they would be put out updated filings every once in awhile. He stated that they would probably be putting out filings that have been corrected, throughout the process of the aquisition, except for the 10K and 10Q's. These filings will more than likely be completed with the merger. He said that because these filings had to go through their auditor they would probably do one big 10k and 10Q. FCCN was deliquent on several 10k's and 10Q's, but its my understanding they will do one big 10k and one big 10Q, to become current. There is some stuff I didn't want to say during trading hours, because people will think I'm pumping. I will update everyone this weekend, as soon as I get time. I was trying to type today with a 2yr old wanting to play with her daddy, so I made it quick.
posted
i just checked the filing the float is around 77 mill, which means no dilution! that´s good which brings up the short issue again... that´s the only way to explain the weird trading patterns lately if there is no dilution especially that crazy gap down today at the open, that was really aggressive! damn what´s next? gap down to .0001? come on, don´t be shy! and all these bashers flying across the boards spreading fear...fits the picture! there must be some massive shorting going on here... FCCN is still on the SHO-list, STILL!! next week will be interesting again for sure
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quote:Originally posted by cassity: Haven't had time to look at the new filing, but wanted to add something that me and Andrew had talked about today. When he said that they have a lot of filings to CLEAN up, I asked if they would be put out updated filings every once in awhile. He stated that they would probably be putting out filings that have been corrected, throughout the process of the aquisition, except for the 10K and 10Q's. These filings will more than likely be completed with the merger. He said that because these filings had to go through their auditor they would probably do one big 10k and 10Q. FCCN was deliquent on several 10k's and 10Q's, but its my understanding they will do one big 10k and one big 10Q, to become current. There is some stuff I didn't want to say during trading hours, because people will think I'm pumping. I will update everyone this weekend, as soon as I get time. I was trying to type today with a 2yr old wanting to play with her daddy, so I made it quick.
I am more impressed after seeing this last filing.
posted
The Company has not filed its periodic financial reports since September 30, 2005. During this time, there have been substantial and material changes to the Company’s operations and financial condition. Most notably, during the year ended December 31, 2006, the Company disposed of substantially all of its assets in satisfaction of debt obligations. As of December 31, 2006, the Company should be considered a shell corporation with approximately $140,000 in accounts payable and accrued expenses. If the Company’s current financial statements were available, there may be information contained therein that could have a material effect on the shareholders decision whether or not to approval the withdrawal of election. Ordinarily, such financial statements should be read in tandem with this Form 14-A. The Company is presently having its financial statements audited or reviewed for all applicable periods and intends to file the appropriate period reports for all delinquent periods on or before February 28, 2007.
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Change in Directors or Principal Officers, Other Events
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS On June 6, 2006 the Board of Directors accepted the resignation of Charles Neild.
Also on June 6, 2006 the Board of Directors appointed former Chairman and CEO Edward C. Heisler as Chairman, President, & CEO.
ITEM 8.01 OTHER EVENTS The Board of Directors has decided to postpone a shareholders meeting the Company had tentatively scheduled for June 29th, 2006. The Company had recently filed a Preliminary Proxy Statement on Schedule 14A with the Securities and Exchange Commission (SEC) regarding the meeting. That filing was prepared without the assistance of counsel or auditors, and the SEC responded to the filing with many comments as to the filing's deficiencies.
The Board has been advised to complete its delinquent filings prior to filing an amended Schedule 14A, and to substantially expand its disclosures. The Company is currently delinquent in its December 31, 2005 and March 31, 2006 10-Q's and is unable to complete its quarterly reports due to outstanding invoices with the Company independent auditors. The Company does not have funds to retain auditors and attorneys to complete its filings.
The Company continues to be unsuccessful in acquiring needed funding to support itself. To restore shareholder value, the Company is looking at every option possible, including a new business model. In addition, it has had discussions with several potential acquirers.
In May the Company was also unable to make its latest payment due to AZTECA Wrap Foods. The Company had purchased a 50% ownership in Kokopelli Franchise Company from AZTECA in August of 2005. AZTECA has sent the Company a letter of default, to which the Company replied requesting an extension.
Recently the Company's CEO appeared in a proceeding in San Diego Superior Court as a witness for the Company's former President and CEO, Bradford Miller, and two other shareholders. The three had personally guaranteed an agreement between Franchise Capital Corporation and Golden Gate Investors, and are now being sued by Golden Gate. Franchise Capital, which is not a party in the litigation, believes that the agreement was a violation of securities laws, and in addition, they believe Golden Gate violated Section 16b of the 1934 Act. Franchise Capital hopes that a decision in this case could aid the Company in settling its outstanding contract dispute with Golden Gate.
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posted
"Posted by: beandog24 In reply to: None Date:1/20/2007 12:19:07 AM Post #of 23589
Well i see we drug some old baggage from the previous shell owners along which i was hoping not to see but it isn't all bad. In previous filings FCCN management (previous) had secured financing from GGC and my understanding was it was cleared and the shell was clean. Well that's not the case but it is in escrow which is a good sign as we are currently in BDC status making any issued debenditures from here illegal. The 60MM shares shown on line one out of escrow would be illegal and i noticed that former FCCN management was sued over this. The good news is our current maximum tradeable shares is at 76MM and change. Up in the air is what occurred with the 60MM shares as to remove these shares from escrow would be illegal as we currently remain a BDC. It looks as if this was corrected in line 2 however just not clarified well via the K. Sent this to an analyst contact to help with further clarification, hopefully will receive something back soon lol."
At least this guy gets it. See, that 8-K that I posted is very relevant. But I guess some people either doesn't know how to interpret 8-K's or doesn't know how to connect info, i.e. DD.
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quote:Originally posted by th0th: It is relevant. That's what the latest 8-K shares in escrow is referring to.
My point is that the current officers are NOT dumpings shares. If someone is dumping them, it may not be legal and the company may not be aware of it. What I'm concerned with is the honesty of management, and thus far they've been flawless. GN
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