Aha, I think I get this Jubilee Investment Trust business now. I am just going to use this thread for my notes. Have fun, Luke.

The shares in JKP owned by Jubilee were not purchased outright. Rather, they were swapped from a company called "Maximum Ventures, Inc," which I recall from JKP's initial SEC filing. (There are two - one a British Columbian mining interest; another, this one, in New York).

On November 18, 2003, per this link, Jubilee swapped shares of Jubilee itself with Maximum Ventures in exchange for Maximum's holding of JKP shares.

Who was "Maximum Ventures"? According to this link, it was sold. The purchase price is quite interesting. Maximum had transferred more than a million shares of JKP restricted stock valued at $3.75 per share. Yet, not long after, Maximum itself was sold to VerticleBuyer for only $450,000 (representing 77% of the company's outstanding shares). Compare/contrast: JKP restricted stock valued at around $4 million, vs. a tenth of that.

Quite interesting: just two weeks prior to swapping his JKP stock to Jubilee, on November 6, 2003 the CEO of Maximum Ventures, Abraham "Avi" Mirman released this press release announcing the Jill Kelly Productions Adult cable channel that James mentioned. Note it was issued by Maximum--not JKP.

Note also that the above press release announces no contract, no money at all, just a "letter of intent"--just two weeks prior to selling. I haven't been able to find any other JKP press releases signed by Avi. Why haven't we heard anything else about the cable channel? Was it something to attract genuine investors by JKP's angel in NY so he could cash out?

Here's Maximum's piece of shit website. It says that they helped with "reverse mergers," among other things. Aha. Maximum consults with Bob, is given worthless stock in lieu of cash, then sells it while it can.

Avi's other company is called Mirman Capital Ventures. Mostly involved in biotech.

Jubilee swapped some of their shares for JKP. Why? Like Maximum, swapping their stock for other companies was the shell game by which they hoped to catch lightning in a bottle and attract investors:


From their 2003 report, shortly after picking up their JKP shares from Avi Mirman:

Quote:



The Company's original intention was to build a portfolio as quickly as
possible, with sufficient critical mass to create genuine liquidity in the
Company's shares, for the benefit of those companies which had agreed to exchange a block of their own shares for shares in Jubilee.



The percentage of Jubilee's holdings in JKP in relation to the rest of their portfolio has fallen dramatically in the past year. At the time of their swap from Maximum, it represented some 8% of their portfolio. Now, per their
3rd quarter 2004 report, it's only 3.5% (and that's considering, again, the hilarious restricted stock valuation of 1.242 million quid). This number is so small that they don't even list it in their top (equally dodgy) primary holdings.
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