Report: #214515

Complaint Review: Top-Gun Entertainment & Sports, Inc. - Bohemia New York

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  • Reported By: Ronkonkoma New York
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  • Top-Gun Entertainment & Sports, Inc. 91 Knickerbocker Ave. Bohemia, New York U.S.A.

Top-Gun Entertainment & Sports, Penny Stock Boiler Room Ripoff Bohemia New York

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Thanks to a casual conversation with one of the principals of Top-Gun Entertainment & Sports Inc., where the individual fibbed during a recitation of his background, I decided to do a little digging into this entity and the close-knit group of people who stand in the shadows. Being told Scott Reckler of Reckson Associates Realty was involved in the project and that Lehman Bro. was taking them public with a $350 million offer, just sounded too good to be true.

Thanks to the internet and federal SEC postings, I've come across some very interesting history.

My biggest concern is whether the individuals who are promoting this project have an actual vested interest strong enough to have them stick around, operate and manage the facility.
I did see any actual background in Auto-Sports-Park management. It would be one thing if they had run Limerock or Watkins Glenn but except for several shell corporations with flashy race related names, I can't find a single race track that any of them have operated.

As per the Top-Gun website: The $180 million proposal, detailed on a newly launched Web site owned by Top Gun Sports and Entertainment Inc., calls for a NASCAR-type circle track, an amphitheater, a children's area with bumper boats, an arcade and an "adult playground" with eateries, nightclubs and retail stores. There are also plans for a 135-room hotel and an RV campground. Rosenberg, who proposes a 50-year lease and sharing revenues with the county, estimated Top Gun will generate $15 million in sales tax annually, while the economic impact could be up to $200 million each year. It would ultimately employ more than a 1,000.

Per the company's 10SKB of March 31st 2005:
John W. Gandy, is the president.
Neil A. Rosenberg, is the vice president of corporate development and Director
Peter Scalise III, Director
Dr. Robert J. Waylonis, Director
John F. Smith III, board member.
Ron Hendrix, CFO and board member.

On November 18, 2005, the Company's Board of Directors appointed
D. Davy Jones as President and Chief Executive Officer and Director
Robert Koveleski, as Secretary and Director.
On November 18, 2005, John W. Gandy resigned as President and Chief Executive Officer and Director of the Company.
Also on November 18, 2005, Ron E. Hendrix resigned as Secretary and Director
John F. Smith, III resigned as Director of the Company.

According to published history:

Neal A. Rosenberg Mr. Rosenberg has been the COO of ITTCO Sales Co Inc., Ronkonkoma, LI, NY, (631)737-6800, national wholesale distributor of specialty appearance auto parts and accessories in the U.S. founded in 1978, which he ran from 1978-2004. Mr. Rosenberg is an electrician by trade also has extensive experience in Cable TV, Construction industries.

According to Marc & Don Levinson of DONMAR Enterprises, Inc. of Jacksonville FL, ITTCO Sales Co. has been supplying restyling shops for over 26 years. Founded in 1977 by Neil Rosenberg and Richard Scherer, ITTCO Sales started as Island Tops & Trim, a local trim and restyling shop, and grew one of the largest restyling shops in the country, as well as a nationwide trim and restyling distributor. ITTCO and DONMAR have had a business relationship since 1986, In October of 2003 according to Marc Levinson, his company acquired ITTCO's RESTYLING PRODUCTS DIVISION and Stretch Forming Corp distributorship. According to a page on DONMAR's website; Neil & Richie were installing sunroofs since 1974 According to a page on SUNROOFS.ORG, where Marc Levinson is listed as the Publisher & Managing Editor, Neil Rosenberg is listed as the Editor.

According to GOLIATH, ITTCO is a Private Company, with its headquarters at 181 Remington Blvd., Ronkonkoma NY 11779. The ITTCO Website is one page and hasn't been revised since October 30, 1996 with the Owner / Operator listed as Neil Rosenberg.

Neil Rosenberg started another company with his partner Richard Scherer and called it R/S Associates, Inc. This entity is identified as a real-estate holding company in a 2002 NYS Appeals Court document which states that in 1986, these two companies applied for a loan of $332,500 from the New York Job Development Authority to purchase land and construct a facility in Ronkonkoma, New York. R/S Associates closed up two years later. Except for the mentioning's of lawsuits, there are no documents available detailing final loan repayment. According to Zere Real Estate's Mario Vitanza, who on September 12th 2003 said he co-brokered the sale of 181 Remington Blvd., a 23,000-square-foot facility, by real estate investor Neil Rosenberg for $1.38 million. Paula Rosenberg is listed by SEMA as the contact for ITTCO.

March 18, 1996, Peter Riccardo, the owner of record for two Delaware corporations, America In Line and its subsidiary Mount Sinai, made a memorandum offering where the proceeds of each offering would be used to build and operate an in-line roller hockey rink in Mt. Sinai, New York. The Mount Sinai offering memoranda also stated that the anticipated net proceeds from each offering would be $1.3 million. Neither of the two offering memoranda disclosed, however, that Riccardo and Mount Sinai had agreed to pay 30% commissions to the salespeople who were selling Mount Sinai stock to the public. The SEC Complaint states that These fraudulent offerings generated at least $650,000 in proceeds to America In Line and Mount Sinai According to the Long Island Business News, The Company's former headquarters, 191 Remington Blvd. in Ronkonkoma, was vacated about a month ago, according to Zere Associates, leasing manager for the property. A man on site, who identified himself as the building's owner, said he thought the firm was "out of business." Neil Rosenberg, of Ittco Sales, is listed by Zere as its owner. Rosenberg, who didn't return phone calls, is identified on an old business card as America In-line's vice president of corporate development.

According to GOLIATH, on August 16, 2002 Altrimega Health Corporation merged with Altrimega Acquisition Co. and Creative Holdings, Inc. a South Carolina corporation. According to SPAMWORKS, Under terms of a reverse merger Altrimega Health Corp. (the "Company") has acquired 100% of Creative Holdings, Inc. of South Carolina for 320,000,000 shares of common stock. Creative Holdings is a start-up real estate investment company with a fast track to growth. Since its inception in September of this year the Company has moved quickly to sign letter of intents on deals worth in excess of $60,000,000. Altrimega d/b/a Creative Holdings Holdings & Marketing Corporation CRHM ("Creative") announced on November 18th 2002 that it has signed a letter of intent with Office Developers, LLC of South Carolina to purchase commercial office space in Myrtle Beach, S.C. located on Grissom Parkway. On December 2nd 2002, they announced another letter of intent for 15 acres in Charlotte, NC. on W.T. Harris Boulevard. On December 4th 2002 they announced that in 16 more days, they'd complete 10 townhouse condos at Sea Garden 3rd Ave. S. North Myrtle Beach SC Ph:(843) 280-0440.

In a December 18th 2002 Press Release, Altrimega/Creative announced that it has formed a subsidiary, Southeast Funding, LLC ("Southeast Funding") specifically to establish mortgage banking operations to provide mortgages for units to be sold in Creative-owned projects. To date, Creative has closed on Sea Garden Townhomes of N. Myrtle Beach, S.C. creating 59 units for re-sale, signed letters of intent pending closing on a townhome community in Charlotte, N.C., creating 122 units for re-sale, and a proposed eight story office building in Myrtle Beach, S.C.

Their Form 8-K filed on December 17th 2004 shows the Nevada registered corporation's address as 4702 Oleander Drive, Suite 200, Myrtle Beach, South Carolina. The form lists John Gandy as President. It is here that Altrimega does a tax-free share-swap with the owners of another Nevada Corporation called Top-Gun Sports & Entertainment in exchange for an aggregate of fifteen million seven hundred fifty thousand (15,750,000) restricted shares of Altrimega common stock, par value $0.001 per share, (the "Altrimega Common Stock"). Peter Scalise III receives over 11 million shares for his deal. It is also here where Altrimega's Sea Garden, LLC will be sold to John Gandy or his assigns for the purchase price equal to the liabilities recorded on the Altrimega balance sheet relating to the Sea Garden assets.

According to the December 31st 2004 10KSB: The Company's only active real estate project is the Sea Garden Town Home Community in North Myrtle Beach, South Carolina. The Company is developing this project through its 80% interest in Sea Garden Funding, LLC, the owner and developer of the remaining 27 units in a 173 unit, 2 bedrooms, 2 bath town home community approximately 3 blocks from the Atlantic shoreline. The Company acquired the project from Sea Garden, LLC on November 13, 2002 for the payment of $210,000 and the assumption of $1,071,344.66 in mortgages on the real property held by Horry County State Bank. The remaining 20% interest in Sea Garden Funding, LLC, is owned by an unaffiliated party, Maxine Roe, a resident of Myrtle Beach, South Carolina.

According to a June 30th 2005 Financial Report, Accounts receivable - related party - As of June 30, 2005, the Company has made a non-interest bearing, due on demand loan to the minority interest holder of Sea Garden Funding, LLC, which as of June 30, 2005 totaled $59,160. Accounts payable - related parties - As of June 30, 2005, officers-directors, and their controlled entities, have acquired 34.33% of the outstanding stock of the Company and have made non-interest bearing, due on demand loans to the Company totaling $84,402.

On September 2nd 2005 Altrimega announced a letter of intent to acquire American Racing Capital, Inc. from Davy Jones with another share swap.
On November 18, 2005, the Board appointed two new directors and the former directors resigned from the Board. The new directors consisted of D. Davy Jones and Robert Koveleski. John W. Gandy resigned as President and Director of the Company, Ron E. Hendrix resigned as Secretary and Director and John F. Smith, III resigned as Director of the Company. The Board also appointed new officers, by appointing D. Davy Jones as President and Chief Executive Officer and Robert Koveleski as Secretary.

According to the 10QSB filed on January 31st 2006 Altrimega/Creative/American Racing had total assets of $161,463 according to the filing. According to 10QSB The increased net loss of $274,882 was mostly attributable to the lack of sales from the Sea Garden Project during the third quarter of 2005. There was no provision for income taxes in 2004; therefore, the net income after provision for income taxes was also $48,964. It also details their future plans as The new Board has devised a new plan of operations which seeks to integrate race track design and development operations with a professional racing team and a national driving school network to leverage the popularity and growth of the motor sports industry.

On August 18th 2006, American Racing Capital released the following: ZEPHYR COVE, Nev., Aug. 18 /PRNewswire-FirstCall/ -- American Racing Capital Inc. ("ARC") ("the Company"), , a consulting group dedicated to motorsports sponsorship development and racetrack acquisition and design, and New Jersey Motorsports Park, LLC, jointly announced today that they have mutually agreed to discontinue discussions on a proposed joint partnership to develop a racetrack in southern New Jersey. Construction of the facility is scheduled to begin soon. While ARC will not be involved in the management or ownership of this facility, the companies will continue to work together on marketing, sponsorship and special project opportunities. Davy Jones, Chief Executive Officer of ARC, said, "After joint exploration, we and New Jersey Motorsports Park have determined that this is not the appropriate venture for our respective companies to jointly pursue. Our relationship with New Jersey Motorsports Park has been mutually beneficial and we part amicably. Management remains focused on the pursuit of alternative racing development projects that can build shareholder value. Our shareholders can be assured that this decision was done with their best interests in mind, and we value the confidence and trust they have placed in our management team."

According to American Racing Capital, Inc 10KSB/A for 12/31/02, Great Western, LLC of 1960 Stickney Point Road, Sarasota, FL owns 25.6% of the Preferred stock.
Marcella M. Mica has investment control over Great Western, LLC, which holds notes for CONEX Capital Corp. and owns 60 million shares of Crowfly Inc. Which is another Nevada corporation with its headquarters at 220 WILLIAMS STREET EXTENSION, MOUNT PLEASANT, SC 29464 which is the home address of the listed President, William E. King, III. Crowfly's SB-2 lists Rachel Gandy, wife of John owning 60 million shares through her Old Fields Investments, LLC, and 18,000,000 shares were issued to Gandy Associates, LLC; and 2,000,000 were issued to Hendrix & Gandy, LLC. On October 31st of 2003, the cash on hand was $30. Another holder of Crowfly stock is Amber Run LLC which holds 3% of Central Wireless Inc. Troy H, Myers, Jr. controls Amber Run. He also has voting control of Quickstep, LLC. of 2233 Main Street Sarasota FL, which holds 60% of American Racing Capital as does Quandry LLC which is listed as owning 60 million shares of Crowfly.

SPAMWORKS, is a watchdog of stock boiler-room e-mail promotions and logs all those reported to it.
By following the stock ownership as listed by Top-Gun/American Racing Capital/Creative Holdings/Altrimega, one concludes that the millions of shares swapped between all these corporations amounts to nothing.

Except for maybe the condo that Maxine Roe owns, I can't find where money comes from and what assets actually exist within this tight group of Nevada Shell companies.

Ronkonkoma, New York

This report was posted on Ripoff Report on 10/06/2006 10:10 AM and is a permanent record located here: https://www.ripoffreport.com/reports/top-gun-entertainment-sports-inc/bohemia-new-york-11716/top-gun-entertainment-sports-penny-stock-boiler-room-ripoff-bohemia-new-york-214515. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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