Meanwhile, ABN-Brazil purchased Menno, that countrys second largest manufacturer of credit cards, and paid $8 million for the printing works of Banco Itau. Its international operations, which brought in nearly 75 percent of revenue, provided higher margins, good growth opportunities, and jordan dmp 11
the cash flow to service the debt. Banknote also sold $70 million in notes. But new problems soon overtook the companys good news. Attorneys office in New York. Securities analysts essentially wrote off both companies. The primary question was whether fraud was involved: were the financial statements deliberately inflated to boost the amount of cash generated through the IPO? By June Banknote indicated the problems could go back as far as 1996, long before the spinoff. In August, the New York Stock Exchange suspended trading in shares of both Banknote and Holographics and indicated it would seek to delist the shares of both companies for failure to meet certain listing standards. Announces Gemplus Smart Card Joint Venture in Brazil," PR Newswire, January 13, 1999.
"American Banknote Corp. Announces IPO of American Bank Note Holographics," PR Newswire, May 5, 1998."American Banknote Corp. Announces $105 Million Contract with Brazils National Telephone Company," PR Newswire, September 7, 1995."American Banknote Corp. Announces Trading in Shares to Be Suspended," Business Wire, July 20, 1999."American Banknote Corp. to Restate Revenues for the Second Quarter of 1998," PR Newswire, January 19, 1999."American Banknote Gets into Pachinko," New York Times, May 24, 1996, p.
1."International Banknote Holders Approve Merger," Westchester County Business Journal, July 30, 1990, p. 4."It Aint Just Stamps: Company Carves Niche in Holography," New York Newsday, November 4, 1992, p. Banknote Buying Part of EBT Firm," American Banker, June 6, 1995, p. 24."Smart Bits: American Banknote Wins Aussie Phone Card Job," American Banker, October 15, 1997, p. Banknote Names Ron K. American Cheap Jordan Shoes.