Eagle Worldwide Inc.(fka ELWD)

[jurisper]

Did anybody manage to come up with an explanation for the transactions described in the notes to the last financial report?

The micro forest numbers are tough to swallow. Apparently Panamersa earns a partial commission on sales by PayPro LatAm. They say the amount in Sep thru Dec 2006 was $27M. What kind of underlying micro forest sales does that represent?

Say Panamersa's cut is 10% (way high, especially for a partial commission, but whatever). That means $270M worth of micro forests sold in less than four months. Who's buying? And why doesn't Mr Google tell me anything to do with this kind of multi-hundred $M micro-forest business that doesn't involve Panamersa or Terra Verde? Or am I missing something?

On September 10, 2006, PayPro Latin America, S.A., a partially owned subsidiary of the Company, entered into a transaction marketing micro forests. As the micro forests are sold, PayPro Latin America will earn Commission Income, part of which will be allocated to Panamersa Corporation and identified as Income from Subsidiaries on the Statement of Operations. The amount earned and recognized in the current year is $ 27,083,334.