PowerLinx Inc (PWNX)

[shamus]

Frank:

On the issue of SeaView's issued and outstanding shares, this is what they reported in yesterday's 10-K:

"As of April 12, 2002, there were outstanding 30,932,096 shares of Common Stock. The aggregate market value of the voting stock held by non-affiliates of the Registrant based on the last sale price reported on the OTC Bulleting Board as of April 12, 2002 was $7,114,382." The 10-K also lists treasury stock, as of 12/31/01, as 353,575 shares totaling $277,757 at cost.

On 11/13/01, you sent me a copy of an email, purported to be from the company, claiming, in part:

"As of the date of this statement, the Company holds 33 million (33,000,000) shares of restricted common stock in treasury, in the Company’s name, which are not considered issued and outstanding for purposes of calculating fully diluted earnings per share."

Do you have any explanation for why the 10-K fails to address this so-called "treasury" stock?