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IGI, Laboratories, Inc. Message Board

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  • Howie58 Howie58 Aug 27, 1998 6:50 PM Flag

    No News Locally

    No neither through direct purchase or spinoff from IG.

    This market is savaging everything--so I can't imagine how these turkeys will survive much of a bloodbath.

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    • I have had the opportunity to make alot and lose
      alot of $ in ig
      over last 10 years. A little
      disclaimer I no longer am a broker and write as a private
      investor who has industry friends who know the situation
      closely. This is what I know. Upon learning of
      improprieties by Mssrs. Gallo, Hager and others in the Aviary
      Sales previosly mentioned here, the board fired a
      number of top mgt.They brought in a top notch
      professional management/ consultancy group to take over full
      operation a)to discover who,what,when and where any
      problems arose and to correct this.b)this is a temporary
      measure. c)Hager emerged from his New Hampshire hideout
      and has assisted in the investigation and running the
      business,he is in poor health and wants to fix the problems
      and get out permanantly.d)The mgt/consultancy group
      did find a number of serious,fraudaluent activities
      by senior mgt and other emloyees mainly in the
      animal health division.Those who were identified were
      fired and some ie. Gallo have had charges brought up
      against them.e)These fraudaluent activities have caused a
      new auditor to do a comlete multi year audit and will
      cause serious downward revisions for current and
      prevous years finances, you should take this as water
      under the bridge as it has happened and has no bearing
      on current or future bussiness.f)the mgt group
      restructed staff and did a dilligent
      search for a new
      coo/president and cfo, this took months of search and now that
      is in place.g)the new mgt in place and finalizations
      of all sec filing is complete. I am told it will be
      a few days for trading to resume.
      I want to
      address that the new igi is more of a consumer products
      company than an animal products company. They make
      propriatary cosmetics for johnson@johnson, estee lauder any
      many more.The reason new mgt has held back is to
      ensure all issues are resolved. A big investor, Steve
      Morris, owns well in excess of one million shares, read
      your 13-d's, has taken this position to influence mgt
      to increase shareholder value. He has taken numerous
      on site visits in doing such.Trust me if there is
      any stock for sale on reopening I've got to believe
      his bid will not be far away. There will be large buy
      orders at the open at $2 with hope getting filled at
      $1.50.
      My primary hope is getting return of investment
      now and return on investment later. Where will your
      bids be?

 
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