Ed returned my call today. He seems to be trying his best for the Company. He seemed to be on the right track in keeping us informed on the latest authorized, issued and outstanding shares. He said the IBAC websight would be updated in a week and he expected that the Transfer Agent would update the share information every week on that sight. He is trying to have the audited reports electronically transmitted to the SEC so that they will be available for all of us to see. We talked briefly about the golf course, the buy out of the restaurants, and the reverse merger into the Bulletin Board company. He still believes all three of these deals will be closed soon. He indicated that IBAC had money available to complete both the purchase of the BB company and the GC.
He had no explanation for the drop in the share price today except to emphasis that it was not the result of any dilution by IBAC. He expressed his displeasure in the low price of the stock but felt that very soon the market should better reflect the actual value of the Company.
He also expressed his displeasure in shareholders making direct contact with the bank that is handling the golf course deal, his lawyers, etc. Some of these phone calls were less than professional with the callers being very rude to the secretaries that received the calls. He also mentioned that some shareholders had sent him abusive and threatening emails. I was embarrassed that some shareholders had acted so poorly and offered my apologies for their actions.
I cannot state with any certainty that all or any the things Ed is trying to achieve will be achieved successfully. However, I feel confident that the Company has some good assets and good potential. Because the market price dropped so far today, it made it an easy decision for me to add an additional 1.5 million shares today.
I was not going to post my discussion with Ed this afternoon. However, I changed my mind and decided to post if only to keep some others from taking up more of Ed's time with similar questions. His time should be spent directing the affairs of the Company not holding the hands of us shareholders. Hopefully, when the audited financials are out and share information is routinely provided, less of Ed's and Wayne's time will be spent talking directly with shareholders like myself.
