"Good company."
You best go back to the origins of this company and start reading the filings.
This company has done little more than rip off investors almost since its inception.
Rivers is an outright liar and con artist. Here is some interesting reading. I suggest that if you have any questions regarding the validity of the following post you read all the posts by "Tradeshappen" on RB.
"Once a thief always a thief:
Rivers Fraudulently Promoted This Stock From Day One:
In the first CC to investors Rivers failed to mention that IBSG, the company he was promoting, was not even a part of IGII at the time.
Rivers also failed to disclose in his first press release touting earnings of 58 cents per share IBITDA that IGII was still not IGII and was working on merging with it sometime in the future.
In fact, to complicate things a bit more, it appears that Rivers was actually making 2 individual sales before the merger. Subscribers to the offering were actually buying IBSG (whose shares were later merged with IGII), while people buying the stock of IGII were buying virtually a worthless shell that had little or no assets thinking that IBSG/IGII merger had already been completed.
Of course, no disclosure of this shell game was ever made to investors who thought they were already buying the perceived earnings of IGII which was virtually a worthless shell had the merger fallen through.
It makes one wonder
While Rivers was promoting earnings for IGII, he failed to disclose that he was intentionally diluting the shares OSmassively (if/when the merger closed) by selling shares privately to investors under guise of the ownership of IBSG by IGII.
What that basically comes down to is he was promoting earnings for IGII based on IBSG, a company that was not owned by IGII at the time of the promotion.
The fact is, you can't sell something you don't own. Ask any cop if you don't understand the concept.
During the time he was selling these "extra" shares he was also releasing news of new accounts that would add to the already fictionalized earnings of 58 cents per share for a company who at the time had little or no assets.
All one now has to do is look at the earnings for the first 3 quarters of 2004 which show to date a massive loss as compared to the 58 cents per share earnings he predicted.
Had he not issued more shares during early 2004 the negative earnings would have been even been worse.
In other words, Rivers materially misrepresented many facets of IGII including his ownership of said company and its perceived earnings.
He also early on failed to disclose that his wife was the owner of the program used by IGII, (or whom the ownership was transferred to somewhere along the line) although investors actually thought that IGII bought IBSG and owned the rights to the companies products and services as the program itself is what made IBSG successful.
So in the end, Rivers committed fraud by not disclosing his non-ownership of IGII at the time of both the CC and the first press releases, by issuing shares to dilute the OS while continuing to issue press releases touting huge earnings, by not getting anywhere near the earnings he forecast, and not dislosing that his wife, not IGII was the owner of the software.
Below is the defiiniton of FRAUD.
1 a : DECEIT, TRICKERY; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b : an act of deceiving or misrepresenting :
I have done my best to describe how I feel that fraud was perpetrated.
Would you care to dispute any of my above statements?"
//ragingbull.quote.com/mboard/boards.cgi?board=IBIN&read=161
AI
