Concerning FPFX, here is a recent update from the company website (firstplusgroup.com) detailing the company side of the story. Please be advised that the website was created AFTER the successful shareholder lawsuit in Nevada.
To Our Valued Shareholders:
On September 22, 2005, FIRSTPLUS filed our Form 10-KSB, various exhibits and our proxy statements with the SEC. The entire filing consisted of over 350 pages of material. To accomplish this enormous endeavor required countless hours of dedicated labor from our accountants and attorneys. Their efforts can not go unnoticed.
We have received many e-mails from shareholders inquiring when we were going to file our audited financial statement. Due to SEC regulations, prior to filing the Form 10KSB we were unable to discuss the contents of the financial statement and proxy notice. To ensure that an innocent comment would not be taken out of context or provide false impressions, we choose not to respond to e-mails until the above referenced information was made public.
It has come to our attention that inaccurate and unauthorized information has been released without supporting factual data. When this occurs speculation runs rampant, opinions are formed and conjecture becomes misleading facts.
I do not monitor, participate in or post comments in internet chat rooms, but what has been brought to my attention is just short of shameful. Truth and accuracy seem to have become the casualties. In our communications with shareholders, it appears that the chat room discussions are responsible for a great deal of confusion as to FIRSTPLUS, including:
Ø which entity filed bankruptcy,
Ø a misunderstanding of the trustee responsibilities for the Grantor Trust established by FIRSTPLUS,
Ø serious misinformation regarding creditor claims,
Ø a lack of understanding of FIRSTPLUS’ role in the previously securitized loan pools that had been sold in the marketplace, and
Ø unfounded accusations about current management.
I have made it known that I will answer e-mails providing the e-mails are not inflammatory in nature, factually inaccurate or meant to incite controversy. Recently I responded to an e-mail from a shareholder and posted my response to our website. To protect his identity I referred to sender as Rick. If I were to disclose his identity I am confident many shareholders would know him. If, however, he decided to disclose his identity I would support him.
FIRSTPLUS stands firm with the answers provided in the aforementioned response. There are funds available for immediate distribution to shareholders. Unfortunately the distribution of these funds is being blocked by the original trustee of the Grantor Trust, with the apparent guidance and encouragement of Dan Martin and Robert Davis, his brother, and others working closely in concert with him.
Our offices are in Irving, Texas and since December 2003. There has not been a request to visit our offices. Nor have there been many calls from shareholders. I have received calls from several shareholders and have returned those calls.
FIRSTPLUS has creditors with legitimate claims that predate the creation of the Grantor Trust. Without the agreements with creditors, FIRSTPLUS would have been forced into bankruptcy many years ago. The Grantor Trust was created to protect the value for creditor claims and the value for shareholders with provisions for multiple trustees.
With the creativity of its management team, FIRSTPLUS skillfully avoided bankruptcy. This carefully crafted strategy provided us an opportunity to survive. The upside for FIRSTPLUS is we are able to manage the remaining creditor claims, make a long anticipated distribution to shareholders and re-enter the market place. There have been comments that some shareholders want to distribute all funds and liquidate the company. I am confident that most shareholders have not held their stock just to liquidate the company.
FIRSTPLUS is prepared to re-enter the market place with the confidence to succeed. We have a solid network and alliances in major markets that have been anticipating our reemergence. The consumer finance industry has been profiting over the past few years and FIRSTPLUS is prepared to engage in that market. Some shareholders refuse to visualize the enormous possibilities and resources available to FIRSTPLUS. Our only response to those nonbelievers is simply this, we started this company with two people and a vision. Within a few short years we ascended to the pinnacle of the consumer finance industry. That is the company that our shareholders invested in.
We realize that shareholders seek value in their investments and they want their investments to appreciate. Together we can make that into a reality.
Jack (J.D.) Draper
President/CEO
FIRSTPLUS
Financial Group, Inc
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
