Zann Corp
Capital Raised: $ 25.57 million
Capital Burned: $ 27.13 million
Previous Executive Compensation: $312,500 EACH for the Chairman and Vice Chairman in 2001
Zann Corp is another not so exceptional company that draws our attention only because of its President and CEO, Robert C. Simpson. Mr. Simpson, you may recall, is the gentleman who bought all of the Global Links shares after their reverse split.
You may also recall that Mr. Simpson expressed concern about the existence of an issue of preferred stock that Global Links might have that would block him from taking control of Global Links. It happens that Mr. Simpson had good cause to be concerned, for he is the owner of Zann Corp's Series C Preferred Stock. Not to be outdone by the piddling voting rights of Global Links' Series B issue, these "C" shares are entitled to one hundred votes per share for any matter brought to the common stockholders.
Mr. Simpson put those voting rights to good use on 2005 April 4. That was the day that it was announced that Zann Corp's articles of incorporation were being amended to increase the number of authorized shares of common stock from 11.4 million to 4 billion and to give permission to the board of directors to implement a reverse split of up to 1:350 over the next year.
The best part of this announcement can be found near the end.
"Dr. Simpson will have the power to approve the proposed corporate actions without the concurrence of any of our other stockholders.
WE ARE NOT ASKING FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. [The all caps is their emphasis, not mine.]
We appreciate your continued interest in Zann Corp."
Who could possibly continue to be interested in a company that so brazenly runs roughshod over their shareholders?
Capital Burned: $ 27.13 million
Previous Executive Compensation: $312,500 EACH for the Chairman and Vice Chairman in 2001
Zann Corp is another not so exceptional company that draws our attention only because of its President and CEO, Robert C. Simpson. Mr. Simpson, you may recall, is the gentleman who bought all of the Global Links shares after their reverse split.
You may also recall that Mr. Simpson expressed concern about the existence of an issue of preferred stock that Global Links might have that would block him from taking control of Global Links. It happens that Mr. Simpson had good cause to be concerned, for he is the owner of Zann Corp's Series C Preferred Stock. Not to be outdone by the piddling voting rights of Global Links' Series B issue, these "C" shares are entitled to one hundred votes per share for any matter brought to the common stockholders.
Mr. Simpson put those voting rights to good use on 2005 April 4. That was the day that it was announced that Zann Corp's articles of incorporation were being amended to increase the number of authorized shares of common stock from 11.4 million to 4 billion and to give permission to the board of directors to implement a reverse split of up to 1:350 over the next year.
The best part of this announcement can be found near the end.
"Dr. Simpson will have the power to approve the proposed corporate actions without the concurrence of any of our other stockholders.
WE ARE NOT ASKING FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. [The all caps is their emphasis, not mine.]
We appreciate your continued interest in Zann Corp."
Who could possibly continue to be interested in a company that so brazenly runs roughshod over their shareholders?
posted by Jimmy B at 4:00 AM
10 Comments:
I ran into Simpson years ago when he attempted to suck me into investing 5K in a high risk medical research program he had. I smelled a rat, when he kept insisting that the current project was a sure deal and a gaurenteed sell that would be snapped up by cancer pros instantly. If that was true, he wouldn't have been bothering with my piddly 5k, he would have simply sold this brilliant innovation to a major corporation and made millions without the intermediary.
I was told by a reliable source that the research institute is a dump with dust an inch deep.
It now appears that another not so ethical person is in the CEO post of Zann Corp David N. Weiker a known scoundrel is positioning himself to eradicate or dilute the shares of another company known as Platinum Properties of Central Florida Inc. Weiker has accepted deposit monies of enormous proportion from purchasers of vacation homes and has used the money in an irresponsable manner these customers have been waiting patiently for the past two years for their homes to be built Weiker has gone through their deposit money and is now trying to raise the money AGAIN through a reverse merger with Zann doesn't anyone monitor things like that to protect the public Weiker has a history of mis deeds and unscrupulous conduct including similar actions that have been prosecuted and found guilty in 1997 how do these scoundrals rise again to defraud the public isn't anyone watching out for us A SHAREHOLDER SCARED OF BEING CHEATED
BEWARE of David Weiker, the guy is an incredible scammer...
I too was scammed by this long running pyramid investment scam. The sad part is, my uncle--who was my late mother's favorite brother--is the one who suckered me into it.
Simpson and his associates have along history in this business, and have profited handsomely from it.
Lamentably, as best I can tell, they're covered by the same lobby influenced laws that protect the family behind Amway.
I have held onto 100,000 shares of ZNNC and watched the "pump and dump" routine of Simpson. I just hope Weiker has some ethic about him.
Anyone who real estate agent tht broguht a client to Platinum Porperties should have their license revoked. David Weiker appears to be a Scam Artist.
All Agents selling properties on behalf of Platinum Properties should be aware , Platinum Properties are taking Home Buyers Money , then refusing to build their homes.
Buyers should also be aware of Geoff Dodd, Geoff Stinker, Real Estate Brokers FCH Realty another bunch of English CowBoys , taking deposits from Buyers and spending the money.
2 Companies to watch.
BUYER- CLERMONT
Hi mr Anonymous
If you are so sure why not print your name.
I think someone needs to sell you a set of balls because you clearly dont have any.
Why not come and talk to me direct I live in Clermont also?
Or can you only call names from the internet.
Typical internet pussy all the mouth when hiding,
But its true Stinker, you are a crook and always will be. I bought a home back in 2002 and came to see you. The next broker I went to refused to deal with me until i denounced any business with you.
The year after, I read a long message on a forum detailing your lies and deceit and how so many buyers want your head on a block.
Your a nasty piece of work Stinker, a car salesman from England, same league as that Kevin Lumb fella. Out and out peddling crooks ..
I take it all you can do is call names. A broker who wanted you to denounce, I dont think there is a broker in Florida who actually knows what that means. You sure he didnt just want all that lovely commission on offer to himself.
No balls cant even have the courage of your convictions to say who you are.
I know I am not a crook but you will always be a fool. I bet that other Brooker saw you coming!
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