The MicroCap Fund issues statement; Michael S. Falk of Commonwealth Associates makes factual errors on the MicroCap Fund.NEW YORK--(BUSINESS WIRE)--April 23, 1996--To correct the April 22 press release issued by Michael S. Falk of Commonwealth Associates, a spokeswoman for The MicroCap Fund released the following statement. "It appears Michael S. Falk, the chief executive officer of Commonwealth Associates, a registered broker-dealer, and ex-chairman of The MicroCap Fund, as usual, has his facts wrong. 1. Specifically, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Falk, in his April 22 press release, Kamal Mustafa is the current chairman of The MicroCap Fund Inc. This is incorrect, Robert W. Naismith, Ph.D., a senior visiting fellow at the Molecular Biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller Institute of the University of Scranton and president of his own strategic business consulting firm, is an outside director of The MicroCap Fund and is its current chairman and has been since April 10, 1996. In reality, Mr. Falk was the previous chairman before Dr. Naismith and was the Fund's chairman since its inception in November 1993 until January 4, 1996 when Mr. Falk was not re-elected chairman. Mr. Mustafa has never been the chairman of the Fund. 2. Mr. Falk implied that the current officers of the Fund are responsible for the suit against Commonwealth. Again, Mr. Falk is completely incorrect. The suit was filed by the Fund at the direction of its independent directors which were advised by two prominent law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
investigation performed by a committee of outside directors with the assistance of counsel. The committee initiated its investigation because of irregularities that were discovered and reported to the board of directors by current management. 3. Mr. Falk also commented on the share price of The MicroCap Fund, going from $7 1/2 when Mr. Mustafa was appointed CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. in March 1994 to its current share price of $4 1/2. Yet again, Mr. Falk lacks correct information even though he was chairman of the Fund at the time Mr. Mustafa was named CEO. Mr. Mustafa was appointed CEO of the Fund in April not in March and the stock price at such time was approximately $6 5/8 not $7 1/2. Mr. Falk also seems to have forgotten that his company, Commonwealth Associates, is the largest market-maker of the Fund's stock. Commonwealth currently is trading the Fund's stock at $4 1/2 even though the net asset value is substantially higher." The spokeswoman went on to say "Mr. Falk's lack of knowledge and his dissemination of misinformation mis·in·form tr.v. mis·in·formed, mis·in·form·ing, mis·in·forms To provide with incorrect information. mis about the Fund of which Mr. Falk was chairman is a feeble attempt to distract from the blatant illegalities performed by Mr. Falk. MicroCap's lawsuit, (US Federal Court, Southern District, Doc No. 96CIV JUS AQUAEDUCTUS, CIV. law. The name of a servitude which Lives to the owner of land the right to bring down water through or from the land of another, either from its source or from any other place. 2. 2876), clearly details all the facts." The MicroCap Fund Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MCAP MCAP Market Capitalization (public company valuation method) MCAP Monterey County AIDS Project (Monterey, CA) MCAP Manned/Unmanned Common Architecture Program (US Army AH-64 helicopter) ) is a non-diversified, closed-end management investment company that elects status as a Business Development Company. Its primary function is to provide bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. to public and private companies that are seeking funds for expansion capital and/or anticipated public offering. Mcap's investment objective is to achieve short to intermediate term capital appreciation of assets by investing in securities of companies with significant growth potential. CONTACT: The Krantz Krantz is the name of two persons:
Melissa Krantz 212/891-7235 (office) or 914/967-3480 (home) |
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