The special meeting of stockholders already took place on December 4th. The notice was dated Nov. 11th and took place at 1005 N 19th street in Middlesboro, KY 40965. It is not too late to write the SEC in my opinion.
As I stated in my earlier post, the vote was to authorize a par value per share of .001 rather than .009 and for a 1 for 10 million shares reverse split. Under terms of the reverse split, shareholders holding fewer than 10 million shares will receive cash that represents what the company says they have been advised represents fair value.
I bought my shares in 2004 for $1 per share so you can see I stand to be royally screwed with where the share price has gone. I originally had 151,000 shares but the stock did a 2 for 1 split and I had a little over 300,000 shares. The stock under Terry Lee then did a 1 for 2 reverse split and ended up with about 24 million outstanding shares. Then additional shares were somehow authorized and there are now 56,518,422 outstanding shares so I should have somewhere around 360,000 shares. Only problem is I don't believe the company has a record of the shares I hold. Most of mine are held at Schwab. I have shares in an IRA, a Roth IRA and some issued in both my wife and my names. My wife got the letter in her name announcing the special meeting. It was Not addressed to both of us and no letter in just my name for my IRA accounts. That may explain why people did not received the notice.
In reality it was meaningless. Terry Lee and his entourage hold 39,228,136 of the outstanding shares. That represents 70% of the voting stock. And they are the only ones that will be left with enough stock (3.92 shares) after the reverse split to continue to be shareholders.
I did write to the SEC and received a call. I was told that they could not tell me if there is a current investigation but they could say there was no litigation going on. I was told that I should hire a lawyer to which I responded that I believed that was the reason the SEC exists, to protect the interests of investors. I encourage everyone to write to the SEC and demand an investigation. There can be no more procrastination. If you don't write your voice will never be heard. I have sent the SEC an email in my possession from a former board member that accuses Terry Lee of fraud. This former board member is an attorney. He should know.
I have also sent them a number of other supporting materials that demonstrate violations of security regulations. The person who sold us the investment was not a registered representative. He is currently serving time for selling unrelated unregistered securities and for not being licensed. The people of Heartland knew that Heartland was not registered in my state and are culpable as well for the sale of those securities.
There is a long and convoluted history with this company inclusive of the people who HAVE been or who are CURRENTLY involved. I can provide the SEC with more and have offered to do so. I just hope there are enough shareholders who feel compelled to write to the SEC and ask for an investigation. I believe that investigation could be quite revealing
