Some of the old timers from the LLSR days may be wondering what happened to the company they invested in. The following is a quick synopsis of what happened.....
Alf formed a shell corporation in the state of Wyoming. It only costs a couple of hundred dollars to do so in Wyoming. He appointed himself President and CEO of the company, Rock of Angels, and authorized an "unlimited" amount of shares. He could do this since no one else was involved and the company had NO business and NO assets. Then he changed the name from "Rock of Angels" to "TAG Minerals, Inc." This company still had NO business and NO assets, nothing but a name.
He then got together with Stan Baron and Craig Gimbel, the officers of Lantis Laser, and they devised a scheme to do a "merger" of the two companies. Lantis Laser [LLSR] issued TAG Minerals HALF (165 million shares) of its total issued shares to acquire TAG Minerals (a worthless, empty shell). The 50% stake plus the small amount of shares Alf already had, gave him a majority interest and total control of the company, allowing him to do basically whatever he wants without consulting anyone else.
Baron and Gimbel had been receiving no salary with Lantis. As part of the deal, Alf promised them $180,000 and $120,000 per year plus other benefits. I believe they got the benefits and some but probably not all of the cash (they probably didn't expect to get the cash anyway as I think they just wanted the company).
At the end of the year, Alf announced that he was GIVING all of the tangible and intangible assets of the "dental division", in other words the original Lantis Laser, to Baron and Gimbel to satisfy the salary owed them.
The result was Baron and Gimbel got the original company free and clear, without the LIABILITIES or any stockholders of the original company. Alf got a company with stock to trade for another company, [RPTN] (which became [MBMI]) and LOTS of stock of BOTH companies to sell to suckers.
I don't think he anticipated anyone sticking around to expose what was happening.
Good DD IS NOT just reciting the PRs and company handouts and looking for the good. Those things are never hard to find.
Good DD IS finding out what the company and CEO do NOT want you to know.
