Monday, February 20, 2012 10:35:08 AM
then the money went to ICTN from which it was siphoned into the pockets of the BH clan, leaving practically nothing, just enough to turn ICTN into BCCI. Then the BCCI stockholders suffered a 1 for 20 reverse split, and they are all carrying a lost even if they bought shares as late as the week before the reverse merger.
Then, BH pilfered the paid-in capital, followed by cooking the books so as to not show the real negative number for retained earnings. He dismissed the deferred payments, leading to a revision of the tax returns if he was not late. But took it back by exercising options for a song, which raised the outstanding shares, and then sold back some old shares to the company treasury at close to current prices, netting more than two million in long term investment profits at stockholders expense. The two companies were deeply interwoven, and might still become so again in the future.
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