The Securities and Exchange Commission announced that on September 14, 2000, it filed a civil lawsuit against 1stBuy.com, Inc. (1stBuy) and its founder and CFO, Roger D. Pringle. The SEC’s action pertains to a pre-ipo offering, an Internet stock offering conducted by 1stBuy during 1999 and early 2000 in which […]
Corp Finance
GAO Report on Blue Sky Revenue Released
Blue Sky Filings Become a Cash Cow By John M. Baker, Esq. Blue sky filings are quite the cash cow, according to a recent General Accounting Office report. Expenditures and Revenues of State Securities Regulatory Agencies, No. GAO/GGD-00-189R (Aug. 15, 2000). For example, in 1999 the 46 jurisdictions reporting usable […]
LAW REVIEW: BREWING TROUBLE?
INTERNET OFFERINGS CAN RESULT IN A DOUBLE WHAMMY: AN IPO BY INEXPERIENCED BROKERS IN A COMPANY WITH NO FUNDAMENTALS By now, you’re probably aware of Spring Street Brewing’s successful initial public offering completed last year. The company conducted a self-underwriting almost entirely on the Internet and then commenced trading of its securities on its Internet World […]
Lease/Back, Buy/Back Agreements
Lease/Back and Buy/Back Agreements Constitute Securities By Mark J. Astarita, Esq. The Securities and Exchange Commission (“Commission”) announced that on August 2, 2000, it filed a civil lawsuit with an application for a temporary restraining order against Phoenix Telecom, L.L.C. (“Phoenix”) and Jerold Benjamin Clawson (“Clawson”) and other emergency […]
