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BIG X / EXCELSIOR HENDERSON
company through this private placement. Dan said that they were supposed to issue this placement in June and that there are only a couple windows of opportunity during the year for this kind of financing to be successful. Right before the placement was about to be offered, the Minneapolis Start Tribune had an article on it in the Business section. This could have been legally seen as advertising the placement, so they had to pull it off the market. If they did not do this, there could have been serious legal ramifications for the company and they could have been shut down and that would be the end of their business. Fortunately, they were able to bridge the funding over the summer and were able to do a successful, legal offering September 17, 1996.
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Dan and Dave own 45% of the company. A mutual fund, from Wisconsin, is the second largest stockholder. a certain square-jawed late night talk show host is also rumored to be a large investor. Jay Leno owns one of the finest un-restored Excelsior-Henderson's in existence. I asked how they came about a figure for knowing how much investors equity would be worth. Dan would not give me any figures of course, [next page]