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Stock filing warns Alabama toll road developer is undercapitalized; CEO pleaded guilty to sex crime


MOBILE, Alabama -- Proposed toll road developer Ameri-Metro sent out a broadcast email Wednesday morning indirectly implying it had $37 billion "available" to develop its project, citing a 2010 stock filing. That stock filing, though, shows only that the company would like to sell that amount in bonds.


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Register now for free, or sign in with any of these services: You are signed in as Edit Public Profile Sign Out Favorite Schoolsexpand Favorite Teamsclose Subscribe The Birmingham News The Huntsville Times Press-Register Email newsletters Text alerts Alabama Change Region function getComscorekwValue() { var empty_placeholder = 'empty_placeholder'; comscorekw=empty_placeholder; return empty_placeholder; } function getToprailMenuContext() { return '; } comments Stock filing warns Alabama toll road developer is undercapitalized; CEO pleaded guilty to sex crime Print Jeff Amy, Press-Register By Jeff Amy, Press-Register Press-Register Follow on Twitter on September 22, 2011 at 6:12 AM, updated September 22, 2011 at 2:27 PM View/Post Comments if ( typeof image === 'undefined' ) var image = { "src": "" }; Advance.Gigya.fn.initMTGigyaShareBarTop = function() { Advance.Gigya.fn.buildGigyaShareBar({ 'div':'social_top', 'shareButtons':'twitter-tweet,facebook-like,googleplus-share,pinterest-pinit,reddit,email', 'layout':'vertical', 'showCounts':'top', 'title':'Stock filing warns Alabama toll road developer is undercapitalized; CEO pleaded guilty to sex crime', 'link':'http://blog.al.com/live/2011/09/filing_warns_toll_road_develop.html', 'desc': 'MOBILE, Alabama -- Proposed toll road developer Ameri-Metro sent out a broadcast email Wednesday morning indirectly implying it had $37 billion \"available\" to develop its project, citing a 2010 stock filingThat stock filing, though, shows only that the company would like to sell that amount in bonds ', 'thumbnail': image.src }); }; Advance.Gigya.fn.initMTGigyaShareBarMobile = function() { Advance.Gigya.fn.buildGigyaShareBar({ 'div':'social_mobile', 'shareButtons':'twitter-tweet,facebook-like,googleplus-share,pinterest-pinit,reddit,email', 'layout':'horizontal', 'showCounts':'right', 'title':'Stock filing warns Alabama toll road developer is undercapitalized; CEO pleaded guilty to sex crime', 'link':'http://blog.al.com/live/2011/09/filing_warns_toll_road_develop.html', 'desc': 'MOBILE, Alabama -- Proposed toll road developer Ameri-Metro sent out a broadcast email Wednesday morning indirectly implying it had $37 billion \"available\" to develop its project, citing a 2010 stock filingThat stock filing, though, shows only that the company would like to sell that amount in bonds ', 'thumbnail': image.src }); 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} if ((document.documentElement.clientWidth 600)) { Advance.Gigya.fn.initMTGigyaShareBarMobile(); Advance.Gigya.fn.initMTGigyaShareBarBottom(); } } View full sizeAn artist's rendering of the proposed Alabama tollway train station(Courtesy Ameri-Metro.com)MOBILE, Alabama -- Proposed toll road developer Ameri-Metro sent out a broadcast email Wednesday morning indirectly implying it had $37 billion "available" to develop its project, citing a 2010 stock filingThat stock filing, though, shows only that the company would like to sell that amount in bondsThe filing with federal securities regulators also says that Ameri-Metro was so thinly capitalized as of July 31, 2010, that its auditor warned that it was in danger of going out of businessAt that time, Ameri-Metro’s liabilities of $1.58 million outweighed its assets of $1.49 millionThe filing indicates that the company’s main asset was 50 acres of land, and that any shares sold were likely to trade over the counter, not on a major exchangeThe filing said shares could price below $5, which would mean it would be a "penny stock," subject to more restrictive federal rulesView full sizeAn artist's rendering of the proposed Alabama tollway international airport(Courtesy Ameri-Metro.com)Also Wednesday, Ameri-Metro Chief Executive Officer Shah Mathias, a Pennsylvania real estate developer and financier, said he had pleaded guilty to a sex crime in PennsylvaniaPennsylvania state records show he is registered as a sex offender because of unlawful contact or communication with a minorMathias said he had pleaded guilty to the crime, which Pennsylvania law says must be at least a third-degree felony, despite alibi evidence that showed he was out of the countryHe would not discuss the subject furtherPublished reports show Mathias was acquitted in 2008 of a second sex charge in Carlisle, PaMathias said Wednesday that case involved an attempt to extort money from him after he cut off funding to a business associateAmeri-Metro, of York, Pa., said Tuesday that it wanted to build a combination toll road and railroad from Orange Beach to a point on the Tennessee state line northeast of Florence, generally paralleling the path of U.S43 through western AlabamaIt would finance the project with $7 billion in bonds issued by a nonprofit entity, Alabama Toll Facilities IncView full sizeAn artist's rendering of the proposed Alabama tollway inland port facility(Courtesy Ameri-Metro.com)The proposal was greeted with surprise and some skepticism by state and local officialsIncluded in the plan is a giant warehousing and trans-shipment complex, as well as an airport with four 18,000-foot runwaysEach would be a third longer than the 12,600-foot runway at Huntsville International Airport, currently the longest in AlabamaA statement emailed Wednesday morning by company spokeswoman Amanda Flontek to a list characterized as editors, reporters and legislators pointed to the stock filing, which shows that two Ameri-Metro subsidiaries have proposed as much as $30 billion more in bonds for high-speed rail constructionThe same statement said the company had sent its initial press release Tuesday to more than 400,000 AlabamiansFlontek’s statement said that the surprised reaction from state and local officials to Ameri-Metro’s proposal was being "addressed." Mathias has met with some Alabama state officialsAllison Scott, a spokeswoman for LtGovKay Ivey, confirmed Mathias’ account that he had lunch with Ivey sometime in 2008, when Ivey was leading the Black Belt Action CommissionScott was unable to answer whether Ivey endorses Mathias’ plan.Mathias said he met with Joe McInnes, transportation director throughout the Riley administration, during the same trip, but McInnes said he does not recall that meetingView full sizeAn artist's rendering of the proposed Alabama tollway international airport(Courtesy Ameri-Metro.com)"Sounds like pie in the sky to me," McInnes said of the project, saying a previous west Alabama toll road proposal failed in part because developers didn’t work with the Alabama Department of Transportation and other state officialsFlontek and Mathias refused to discuss the stock filing, saying they were bound by federal rules that bar companies from talking about proposals to sell stockSuch a quiet period runs from when the statement is filed until the Securities and Exchange Commission declares a registration "effective," the SEC saysThe stock filing indicates that Ameri-Metro would like to sell up to 500,000 shares at $20 apieceThe company would use the up to $10 million to build a corporate headquarters, for sales and marketing and as working capital, it saidMathias would retain at least 93 percent ownership through his 10 million-plus sharesAmeri-Metro said it had tried to sell shares privately before the middle of 2010, but hadn’t succeeded View/Post Comments Related Stories if (pb_page_template == undefined) { var pb_page_template = 'article'; } if (pb_page_template != "index") { document.write('); } Most Read var most_read_day_range = parseInt(3); var most_read_story_count = parseInt(5) var most_read_add_query = "posts"; Active Discussions if (pb_page_template == "index") { document.write('); } else { document.write('); } Best of AL.com Entertainment: Movies, music, clubs and more What's the latest from Alabama Outdoors? 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