onkelbär aus wo hat folgendes geschrieben.
ich hoffe das da eine antwort morgen kommt kanns mir aber nicht vorstellen.
ab jetzt von onkelbär
Hallo Zusammen,
zu Eurer Information, habe gerade die folgende Email an Jack Baker, Kamal Abdallah und Chris McCauley abgeschickt.
Greets Onkelbaer
%%%%%%% Original-Message, vom 2. Dezemmer 2006, ca. 18:05 %%%%%%%%%%%
Dear Jack,
two recent developments force me to write to you again, in order to
ask your for clarification.
1.) UPDA\'s first PR of this week, conclude with the following statement:
"UPDA\'s website at: www.universalpropertydevelopment.com will this
week begin timely updates of production from all of the wells as
improvements to the site and the wells continue."
This was interpreted by the majority of us, members from the
"wallstreet-online.de" UPDA forum, as a promise that we would get an
update on the production from all wells THIS WEEK!!! And since no
production numbers were published, it appears to us, that UPDA has
ONCE MORE promised something and then failed to deliver! Please
comment!
2.) The first part of the 8k about the sale of part of the COGI and
CCOG stocks etc. to raise a substantial amount of money, sounds very
promising, since it left the impression with your shareholders, that
UPDA seems to follow suit in the promise that other ways than dilution
are thought about and used to fund Future activities.
HOWEVER, the second part of this 8k was a REAL SHOCKER and upsets me
personally beyond words that I am willing to use here. The
announcement that there are holders of Preferred Shares issued BEFORE
July, 1st 2005, are now simply able to announce that they are going to
convert ~1200 Class B Preferred Shares into and equivalent ~243
MILLION shares of UPDA.
I am sorry, but that MUST appear to me as if Kamal had personally lied
to me during one of our phone calls about 6 months ago, while talking
about the 2003 PROCORE Preferred Shares. During this phone call, he
said, that we - the UPDA shareholders - do not need to worry about the
relics from the previous companies, because he had personally made
sure - together with UPDA\'s SEC attorney - that UPDA was given a
"fresh start" with NO SIGNIFICANT relics from the past.
Talking in detail about the 2003 PROCORE Preferred Shares, he said
that they may be converted, but after conversion they would have to
pass through 2 reverse splits with an accumulated ratio of 7600:1,
which would reduce the - in the first place - huge number of 189M
shares down to ~25k. Now about 6 months later we learn from the 10-QSB
that the owner of these Shares is the Miramar group and just in the
last annual quarter have converted part of these PROCORE Preferred
Shares into ~60 MILLION UPDA common shares.
Now, we just learned from yesterday\'s 8K that the next owner of
"relic" Preferred Shares is planning to continue to substantially
dilute the UPDA shareholder value and this WITHOUT any benefits for
UPDA as it seems. What about the Reverse Splits mentioned to me by
Kamal in this case? Not applicable as well? I honestly cannot see
anymore, what Kamal could have meant when he said that UPDA was given
a FRESH START on July, 1st of 2005, if now all these Preferred Shares
issued before this date can be converted with the original conversion
rate!!???
I would very much appreciate if you could comment on that and give us
good reasons to believe that all this is just a BIG misunderstanding.
Right now it is at least a fact that this 8K has caused additional
SUBSTANTIAL confusion and frustration among my fellow German
shareholders and myself. After having read this 8K, a lot of these
people are absolutely willing to sell their shares first thing monday
morning, take their gaines from last week and turn their backs towards
UPDA forever. In order to prevent this, a CLEAR STATEMENT and
EXPLANATION from UPDA is required. Please, do so! Thank you!
Sincerely,
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