Did Ed really spend $600k on the hotel, back in early November they touted that they were renovating and making inroads to increase the income, what happened to that? They probably knew it was a looser from the beginning and just pumped it to sell stock.
This guy is a crook and we need to sue him to get some our invested dollars back.
IBAC Corporation Removes Its President & General Manager of Its Royal Arkansas Hotel & Suites Subsidiary
And Has Named Lisa Jackson as the New Vice President of Operations & General Manager
NEW YORK, Nov 08, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets: IBCX) announced today that Gerry Becker the company's President & General Manager of the Royal Arkansas Hotel & Suites, Inc. was relieved of his duties with the company in August for cause and actions detrimental to the company's well being.
The Royal Arkansas Hotel & Suites, Inc owns the 200 room property in Pine Bluff, Arkansas and The 128 room Memphis Airport/Graceland Hotel, IBAC Corporation is the majority owner of the company with a 51% interest (and is the sole provider of the funding/investments besides traditional mortgages) to the company.
IBAC Corporation has taken over full management responsibilities of the company and is handling all accounting from its New York offices at this time. Since the company has made this adjustment in management IBAC has spent some $600,000 plus on shoring up the required finances and needs of the business such as any additional renovations past due bills etc.
The company's counsel has also retained a special tax attorney and cpa to determine the financial condition of the company and a forensic accounting firm to look into any possible improprieties that may or may not have occurred.
The company is aware of certain outstanding tax issues that were not addressed by previous management and once any obligations are determined factual will be paid immediately.
Mr. Hayter the CEO of IBAC Corporation was in Arkansas last Thursday and Friday and met with community leaders such as the Chancellor of The University of Arkansas at Pine Bluff, The NAACP and several other prominent community leaders assuring us of their support and help for the Hotel.
Lisa Jackson the new V.P. of Operations and General Manager in just two short months has made tremendous inroads as to generating new revenue, additional room bookings and banquets, along with opening a new restaurant, significant renovations and other major changes advantageous to the property.
"We are reviewing all aspects of the properties operations, policies by the management by our minority partner and will take what ever legal action required to rectify any damage to the company and its shareholders that may have occurred," said Edward W. Hayter, CEO IBAC Corporation
AI
