Banyan Corporation (BNYN): Here's the deal with this stock. Presen...

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Re: None

Saturday, 05/20/2006 12:35:41 AM

Saturday, May 20, 2006 12:35:41 AM

Here's the deal with this stock. Presently there are 210,000,000 outstanding shares. However, they have done a debt to stock conversion that will result in the dumping of 2,000,000,000 shares onto the market (that's right, 10x the current amount).

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001062993%252D06...

Now, what really struck a nerve is that this dump does not benefit the company in any manner. (According to prospectus,
"All proceeds of this offering will be received by Selling Shareholders for their own accounts."

Thus, it provides complete control to Corey Ribotsky and his gang of "funds." (According to the prospectus, "The Selling Shareholders are affiliates of each other because they are under common control. AJW Partners, LLC is a private investment fund that is owned by its investors and managed by SMS Group, LLC. SMS Group, LLC, of which Mr. Corey S. Ribotsky is the fund manager, has voting and investment.")

Who is Corey Ribotsky? I only know that when I was trying to sort through the Paul Taylor fraud while President of NTCV, Taylor had Ribotsky fax me demand for debt conversions. Copies of the correspondence can be found at netcoinvestments.info . I do not know the extent of Ribotsky's involvement with Paul Taylor's fraudulent pumps and dumps, which involve the similar modus operandi of diluting the company through share issuances and throwing them onto the market.

So if buying this stock, remember that the number of shares going on the market will be 10x what is currently out there.

I learned this today, and did not start this conversation to bash the stock. I am only letting everyone know the risks here.