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of his shares in Omni, as evidenced by a promissory note to Omni,
due January 30, 1986. Husband satisfied the promissory note with
funds borrowed from WLJ & Co.
March 7 Agreement
By agreement executed March 7, 1986 (the March 7 agreement),
Omni and WLJ & Co. agreed that, since Omni was desirous of
selling its shares in MagnaCard, and WLJ & Co. was a licensed
dealer in securities in England, Omni would appoint WLJ & Co. as
its agent to find a purchaser for such shares. The March 7
agreement also provided that WLJ & Co. would receive a commission
of 10 percent of the price paid for Omni’s MagnaCard shares.
R. Mueller & Sons, Ltd.
R. Mueller & Sons, Ltd. (RM & Sons) was a British
corporation, originally named Stockease, Ltd., which husband
acquired as an empty shell. Following husband’s acquisition of
RM & Sons, he served as president of the corporation. On
April 8, 1986, husband sold his 6,571,201 shares in Omni to RM &
Sons for $1,232,100.
Sale of MagnaCard; Disbursement of Proceeds
On April 10, 1986, the board of directors of Omni authorized
the liquidation of Omni.
On April 26, 1986, Omni sold 38,860,956 shares of MagnaCard
common stock to JGC for $3,600,000. WLJ & Co. served as the
brokerage firm in the transaction.
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Last modified: May 25, 2011