Anatomy of a stock sale - for the record
Dear Jeff Andrews,
You will have had an email from me forwarded by Olde Monmouth. I am writing separately to let you know what this is about. I understand you are CFO of Global Resource Corp.
I was hoping that Olde Monmouth could shed light on the background to the share sales of Mobilestream [Oil] Inc stock which took place in early 2006. However their executive ********* seems completely in the dark about the events I described to him in which my parents were caught up, much to their dismay.
In late January/early February 2006 my father, *****************, was cold called by a firm calling itself Aston Rowe of Dubai who were touting various stock including Mobilestream Oil. They would not take no for an answer and basically pestered and persuaded him to invest. On more than one occasion confirmation given over the phone by my father resulted in letters from "Mobilestream Oil and Gas Company", the first on 10th Feb 06 with that company's letter head from Port Richey FL, recording his agreement to buy 9474 subscription common stock initially at a price of $3.42 per share - total $32,725.09; and by later written confirmation from the same company this time at West Berlin NJ [11th April 06] at the increased price of $5.75 per share - total $55,020.26. Both letters had subscription purchase agreements attached for the purchase of 9474 "Mobilestream Inc" stock by subscription.
The sequence of events was as follows:
**January/February 2006: Thomas Neil of Aston Rowe on the phone to my father discussing Transglobal Oil and Technology and Mobilestream Oil Inc, specifically 9474 units of the latter at $5.75, totalling $32,725.
**1st February 2006: Payment of $17,675 to Mobilestream. I cannot explain this payment. A schedule of payments was given verbally over the phone to my father.
**10th February 2006: Letter from Mobilestream Oil and Gas Company of Port Richey FL recording the 9474 share transaction, the price of $32,725.09, and giving a settlement date of 22nd February 2006 along with recipient bank details, Sun Trust Bank of Port Richey FL, account "Mobilestream Inc".
**13th March 2006: Payment of $9,000 to a/c of Mobilestream Inc. I cannot explain this payment.
**24th March 2006: Payment of $15,349.50 to Mobilestream – returned due to invalid beneficiary account number.
**29th March 2006: Payment authorisation for $32,725.09 to Mobilestream, but I believe this payment was not made and there is no bank confirmation letter.
There is no record of any formal share purchase agreement, although both letters have identical unsigned subscription agreements appended with the name David Ridley, Vice President.
**11th April 2006: Further letter from Mobilestream Oil and Gas, this time from West Berlin NJ, now offering 9474 shares for a total purchase price of $55,020.26, settlement date of 12th April 2006 ie the next day.
**A piece of paper dated 13th April 06 from "Mobilestream Oil Inc" was transmitted with the letter of 11th April indicating that the company's name had recently been changed from Mobilestream Inc to Mobilestream Oil Inc.
**18th April 2006: Payment of $54,496.30 to Mobilestream Inc.
Share certificates were issued for these sales and you received details of these in the email forwarded to you by *************. A total of $81,171 was paid to Mobilestream Inc, later to become Mobilestream Oil Inc, as far as I can calculate. There was one returned payment which may have been rolled up into a later payment.
It is difficult to see exactly what my parents were purchasing. The letters from Mobilestream Oil and Gas Company were headed "Mobilestream Inc" and the payments were made to Sun Trust Bank, a/c Mobilestream Inc.
My parents have apparently valid share certificates as described but sealed by Mobilestream Oil Inc as to the initial 9474 subscription by Mobilestream Oil Inc 1998 and as to the later forward split issues by Mobilestream Oil Inc 2005. These dates of 1998 and 2005 do not tie up with the communication from Mobilestream Oil and Gas Company of 13th April 06 that Mobilestream Inc had changed its name "recently" to Mobilestream Oil Inc. I would be grateful if you could explain exactly how one company can change its name to that of a company which already exists on the evidence of its own common seal on its own stock certificates.
It appears that these high pressure sales to two elderly people were made under considerable pressure, with no explanation and certainly no warning that the company [whichever it is] was about to be merged with another. Discussions with Aston Rowe resulted in letters from Mobilestream Oil and Gas Company direct. It seems that Aston Rowe was instructed to shift this stock as the agent of Mobilestream and that is what they did with some energy.
We have now heard from yourselves via Olde Monmouth that these shares in an apparently defunct company are in fact valid and will be exchanged 7.1 to 1 for Global Resource Corp stock when current patent issues are resolved. The letter of 20th July 07 states that some stock holders particularly in the UK may be concerned that they cannot trace their brokerages. Well in the circumstances, that is hardly surprising I am sure you will agree.
I would like an explanation from you or another executive of Global how such irregular sales came about completely outside the normal broker/client relationship, under pressure and without proper information as to the status of Mobilestream being disclosed.
I understand from ************** of Olde Monmouth that they took over the account from Manhattan Transfer Company in May 06 and were presented with a list of current stock subscribers including my parents. Please explain to me how the sale particulars negotiated by "Aston Rowe" were transmitted to Mobilestream and/or Global. There is no trace of Aston Rowe. We have never received a headed communication from them. Did Mobilestream instruct them to sell stock in early 2006, resulting in the sale to my parents?
My parents did not want to buy any such holding of shares and were basically pushed and cajoled into it. They now wish to ascertain exactly what was behind these sale tactics, and what the relationship between Aston Rowe and Mobilestream was.
I look forward to hearing from you.
Yours,
[FoggontheTyne]
AI
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