Owner
Post by Franko10 ™ on Jul 26, 2005 17:20:15 GMT -5
FRIZZELL LAW FIRM
305 S. Broadway, Suite 302
Tyler, Texas 75702
(903)595-1921
E-Mail jmartin@cmkxownersgroup.com
This information is intended to be a privileged communication between an
attorney and his client. No one is authorized to reproduce or post this information on
any message board. This is intended for the recipient/client only.
Dear Group Members, July 26, 2005
Audit Monitoring
My sincere appreciation to those that responded to my call for assistance with the audit monitoring. We have close to a dozen shareholders who have offered help in this effort. It is comforting to know we have such a wealth of talent out there. I will appoint one in the next few days to be the chief monitor and may have to let him or her email the others to arrange for some form of communications. I would like each person that volunteered to communicate with the designated person what areas you might think important as this audit progresses so that we might have some comfort in this regard. I spoke with the SEC today and was reminded by them that there were specific rules regarding selective disclosure of financials or certain parts of an ongoing audit before it is filed pursuant to the SEC requirements. This comment was not intended to suggest that we can not have such a monitor but to remind us that there are requirements of what can be disseminated from an audit. Our purpose in having this audit monitoring is not to learn of the specifics of the financials but to know that an audit is in process. I have contacted Mr. Stoecklein regarding these issues. I will pass his response along to you.
Petition For Review
I have not received an update on the progress of the Petition For Review. Mr. Stoecklein was out of the office today. I hope to hear from him or his office tomorrow. I will pass this response along to you.
John has asked me to explain my comments about the “evaluation” of our assets and what was intended by my remark that neither the company nor the SEC wanted this released. The remark had no deeper meaning other than evaluation was clearly an important part of this hearing. Both sides (in my opinion) avoided the issue. The SEC (in my opinion) did not want any evaluation to be proven in the hearing. It was not relevant to whether the financials were filed. The company (in my opinion) chose not to offer evidence of evaluation and I am not sure why they did not do so. This is neither good nor bad merely an observation of mine.
I apologize for the brevity of this update. Much investigation is being directed to various companies that bought or were given large amounts of stock in 2002 and 2003. I hope to report to you my findings very soon.
Onward,
Bill
305 S. Broadway, Suite 302
Tyler, Texas 75702
(903)595-1921
E-Mail jmartin@cmkxownersgroup.com
This information is intended to be a privileged communication between an
attorney and his client. No one is authorized to reproduce or post this information on
any message board. This is intended for the recipient/client only.
Dear Group Members, July 26, 2005
Audit Monitoring
My sincere appreciation to those that responded to my call for assistance with the audit monitoring. We have close to a dozen shareholders who have offered help in this effort. It is comforting to know we have such a wealth of talent out there. I will appoint one in the next few days to be the chief monitor and may have to let him or her email the others to arrange for some form of communications. I would like each person that volunteered to communicate with the designated person what areas you might think important as this audit progresses so that we might have some comfort in this regard. I spoke with the SEC today and was reminded by them that there were specific rules regarding selective disclosure of financials or certain parts of an ongoing audit before it is filed pursuant to the SEC requirements. This comment was not intended to suggest that we can not have such a monitor but to remind us that there are requirements of what can be disseminated from an audit. Our purpose in having this audit monitoring is not to learn of the specifics of the financials but to know that an audit is in process. I have contacted Mr. Stoecklein regarding these issues. I will pass his response along to you.
Petition For Review
I have not received an update on the progress of the Petition For Review. Mr. Stoecklein was out of the office today. I hope to hear from him or his office tomorrow. I will pass this response along to you.
John has asked me to explain my comments about the “evaluation” of our assets and what was intended by my remark that neither the company nor the SEC wanted this released. The remark had no deeper meaning other than evaluation was clearly an important part of this hearing. Both sides (in my opinion) avoided the issue. The SEC (in my opinion) did not want any evaluation to be proven in the hearing. It was not relevant to whether the financials were filed. The company (in my opinion) chose not to offer evidence of evaluation and I am not sure why they did not do so. This is neither good nor bad merely an observation of mine.
I apologize for the brevity of this update. Much investigation is being directed to various companies that bought or were given large amounts of stock in 2002 and 2003. I hope to report to you my findings very soon.
Onward,
Bill
