Prime Rate Investors Inc. (fka PRRM)

[sludgehound]

Name change, RS, sell Shell

Notice how many of these dead subs sell themselves off
for paper to acquirer wanting the shell for a fast non-register CHEAP listing. Esp seen in Pinks more than .OB
This is looking like one of those as only path. ITWJ.pk
had that recently after long dead 0.0001
See also today's NYT story on how shell used to avoid
Rule 504 and costs. Many skinned cats & baggers.

The Con-Tex story involves a range of potential securities violations, according to lawyers and court records. But primarily, legal experts say, it is an example of the abuses that are possible in the sale of unregistered securities under what is known as Rule 504 of federal securities laws.

"This is the shadowy world of 504 offerings - which are, as often as not, associated with a certain amount of fraud or incompetence," John C. Coffee Jr., a law professor at Columbia University, said about the Con-Tex case after reviewing a bankruptcy examiner's report. "In his case, it doesn't look like the 504 offerings done here were done in compliance with the rules."

The potential violations at Con-Tex went beyond that, according to court records. The company issued misleading press releases, mistakenly took over the wrong company and allowed audits to be signed by an accountant who was unlicensed in Texas - and who may have never visited the company.

http://www.nytimes.com/2005/05/29/business/yourmoney/29bros.html?th&emc=th