I haven't completely follwed everything you posted but what stood out to me was that "Utica publishing company" was the section below, it lead me on the trail of an obvious criminal culture that has existed for years:
3. TRANSFER OF UTICA PUBLISHING CORPORATION - Upon the execution of this Agreement, Aarow will transfer and assign all of its rights, titles and interest in Utica Publishing Corporation, an Arkansas corporation ("Utica"), a wholly-owned subsidiary of Aarow, to Bolt by an assignment of one hundred percent (100%) of the outstanding shares of Utica. Utica assets will be transferred without warranty in an "as is" condition. No promises, representations or warranties have been made to Bolt or others regarding Utica's business prospects or financial condition. Prior to the assignment of the Utica stock to Bolt, Bolt will perform due diligence on the assets and liabilities of Utica. In the event that the assets of Utica have been dissipated, other than in the ordinary course of business, since the acquisition of Utica by Aarow, then Bolt will receive shares of Aarow common stock (in addition to the shares of Aarow Common Stock described in Paragraph 4, below) equal in value to the amount of the reduction in asset value. The parties agree that an additional conveyance of 18,500 Aarow's common stock will satisfy the obligations of the preceding sentence.
Now I think it's more than a coincidence that two well known publishing company names - "Hanover House" and "Utica Publishing" have been cloned in Northwest Arkansas and used for a stock scam.
This article might clear up the mystery of why the SEC never did anything about Jimbo, despite overwhelming evidence of wrongdoing. The gentleman profiled here was the chief of enforcement in the Fort Worth office of the SEC from 1998-2005, during the time when the U.S. attorney in Arkansas would have been trying to get some enforcement on Jim. The Fort Worth office of the SEC has responsibility for Arkansas. The enforcement chief gets slammed by the SEC's inspecotr general for blocking investigations of Ponzi man Allen Stanford ... just as he apparently declined to do anything about Jimbo. Seems the enforcement chief didn't like complicated cases. Incredible
A manager at a Hawaiian Internet service provider said recently that six Web sites formerly hosted by the firm were paid for by Jim Bolt of Rogers, chief operating officer of Sienna Broadcasting Corp., formerly known as Golf Entertainment Inc.
One of the sites, www.islampartners.com, featured a history of the Islamic faith and described plans to build a Mosque and establish a family service center near the Benton County Sheriff's Department and jail. The site also included a photo of former Sheriff Andy Lee and pages of information about his department.
Bolt, Golf/Sienna Vice President and General Counsel John Dodge and Tim Brooker, a former CEO of Golf/Sienna, initiated numerous lawsuits in recent years against Lee and other elected Benton County officials. Lee eventually filed suit, but the group won a default judgment when Lee's lawyer failed to answer one of many counterclaims.
Litigation in that matter is ongoing, but Lee said he believes Bolt created the Islamic site "in an effort to negatively impact" his November 2001 re-election campaign. Lee, who retired in December after serving as sheriff for 14 years, won that election with about 65 percent of the vote.
But Lee said he believes the site's intent was to create the impression in traditionally conservative Benton County that his office was actively trying to establish a Muslim community base. At the time of the election, America was still reeling from the Sept. 11, 2001, terrorist attacks by Muslim extremists.
June Yu, manager of SpringWeb, an ISP at Ewa Beach, Hawaii, said the site was set up before the terror attacks on America, so it didn't send up any red flags. A man who identified himself as Lennal Shabbaz, Yu said, paid for the site using Bolt's PNC Bank Visa credit card.
"Mr. Bolt said that Mr. Shabbaz was a friend and that it was OK to go ahead and set up the site," Yu said. "(Shabbaz) supplied the correct information, the correct phone number and other security information, and we had already dealt with Mr. Bolt on other sites, so we thought it was OK to verify the card."
Some time after September 11, Yu said, a government official that she declined to identify called to inquire about the Islam Partners site.
Yu said other sites were paid for by a man identifying himself as Budd Bewee, who also used Bolt's credit card. Bolt's card was used to create five other sites from November 1998 to March 2002:
• www.archronicle.com, the site of a former Rogers-based print publication, Arkansas Chronicle, where Bolt worked;
• www.theauthorities.com;
• www.exporting.to;
• www.organical.com;
• www.ever-rich.net.
Two of the accounts, www.archronicle.com and www.theauthorities.com, fell $360 delinquent after charges to Bolt's credit card were denied and remain in collections today, Yu said.
"(Bolt) was a sweet talker, but we sent the (debt) to a collection agency," Yu said. "We tried to collect payment, but he said a couple of times that he'd already sent it. When the account fell two months behind, we tried to call the number listed for Mr. Bewee and Mr. Bolt answered. He said Bud Bewee no longer worked there and that he would take care of payment.
"We kept extending him time, because he'd been a good customer. But Mr. Bolt claimed that his company was in transition, that it got bought by a Nasdaq company and that it became publicly held on Dec. 31, 2001. He wanted us to set up a site for the new company, but we didn't because he owed us money."
Yu said the domain name for Bolt's new site was to be www.golfentertainment.com.
Golf/Sienna is traded on the Over-The-Counter Bulletin Board (OTCBB), an electronic quotation system that is not part of the Nasdaq stock market. A warning posted on the Securities and Exchange Commission's Web site says: "Fraudsters often claim that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it actually is."
actually for a chronological history of this debacle...hit these links...
GECC News Source Citations (Updated Yet Again)
Springdale Penny Stock Violates SEC Regulations 8/19/02 By Jeffrey Wood, Arkansas Business
"Misleading financial statements, suspicious relationships and a questionable lawsuit appear to have helped Golf Entertainment Inc. turn a company shell into a shell game...."
Transactions Inflate Value of Golf Assets By Jeffrey Wood Arkansas Business - 8/19/02
"Christmas Day — or the day after, depending on which official corporate document one consults — marked a supposed public auction that transferred assets from an entity called the Genesis Trust to Golf Entertainment Inc...."
GECC Ties Show Criminal Histories By Jeffrey Wood Arkansas Business - 8/16/02
"Three of the five principals involved in suspicious public company activities related to Golf Entertainment Inc. in Springdale have prior criminal records.
Jim Bolt, who since December has assumed numerous titles in company documents including chief operating officer and vice president/chief financial officer, has three convictions on six felony counts dating to 1975...."
Golf Quarterly Report Verifies Lack of Cash By Jeffrey Wood Daily News - 8/21/02
"Golf Entertainment Inc., the Springdale penny stock that’s under investigation for apparent violations of Securities and Exchange Commission regulations, on Tuesday filed a first-quarter report that appeared to contradict earlier claims about the company’s financial position...."
Golf Entertainment Evicted from Headquarters By Jeffrey Wood Daily News - 8/22/02 4:01:41 PM
"Golf Entertainment Inc., the Springdale penny stock that’s under investigation for an apparent conspiracy to defraud shareholders, was served on Thursday with a notice of eviction from its headquarters at 1008 Clayton St....."
[NOTE: Viewing the articles cited above requires (free) registration on the arkansasbusiness.com Web site.]
Internet provider sues company over stock BY MICHELLE BRADFORD AND ALEX DANIELS
"SAVANNAH, Ga. — Owners of an Internet service provider have sued Springdale company Golf Entertainment Inc., contending that its principals — three men with a history of suing officials in Northwest Arkansas — have tried to stop them from warning investors about an alleged stock manipulation scheme by the publicly traded Golf.
Carla Hohenhouse and Daniel Johanning sued on Monday in U.S. District Court in Savannah, Ga. Defendants are Jim Bolt, Golf’s chief financial officer and a convicted felon; John Dodge, Golf’s lawyer and a parttime judge in Benton County; Tim Brooker, Golf ’s chief executive officer; and one to 25 "unknown" others...."
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