It takes perseverance, dedication and of course a good bit of luck to stumble upon someone as dexterous as Scott Lieberman of International Development & Environmental Holdings (OTCBB: IDEH).
On Tuesday the Chief Executive, acting on behalf of the company, drafted a letter of intent to acquire five of his own parking facilities in Manhattan. He explained that this transaction would create value for shareholders.
How generous of him.
Nevertheless, our research suggests Lieberman spent the day slacking. On Monday a letter of intent and an agreement to acquire a Budget Truck leasing dealership were both revealed to shareholders.
Oh and Lieberman also happens to own this property too.
Since a purchase price was not given for either acquisition, we came up with a sketch of what we thought ‘ongoing’ negotiations might look like.
Our research pointed out that International Development & Environmental Holdings (OTCBB: IDEH) paid at least $300,000 to shady promoters to pump up the company’s stock on Tuesday December 13th, 2010. According to stockpromoters, the payment was made in cash.
Yet according to the company’s latest financial statement, cash and cash equivalents totaled less than $22,000.
Hmm.
$300,000 later, more than 66M shares traded hands. The price slumped, closing down on the trading session.
International Development & Environmental Holdings (OTCBB: IDEH) failed to provide any valuable information regarding either acquisition. As an investor, this should concern you.
The company has yet to reveal the location of the properties, their value, and any justification to why Lieberman is dealing shareholders a cat in a bag.
This business model has more holes than a block of Swiss cheese.
So take heed investors – you’ll be thankful you did.