UICI's Untold Connection & History
Understanding the History Behind Unity's Section 1244 Stock
The Mystery Of Unity's Early Success
Unity's Accommodating Directors
Understanding Unity's Capital Stock
Understanding the History Behind Unity's 1244 Stock
Unity Is Not Your Average American Corporation
Why Unity Can Be Franchised But Never Duplicated
Shareholders Determine Unity's Location
Why Did Unity Incorporators Choose Franchise Acquisition in 1996?
Revisiting Unity's Internal Structure & IOP
You Must Also Remember Unity Is Internally Structured To Be A Holding Company
The Standing Committee Must Remember Unity Services Association - Unity's First LLC
How To Avoid Plagiarism When Writing Your Books
Excerpts From The Book New Age Thinking, Capitalism And Corporations
UICI Invitation Only
UICI Compliance, Operation & Governance
UICI Minutes Past & Present
UICI Agendas & Resolutions
UICI Education & Training
UICI Owner
ACDNAC - The Association
ACDNAC Members
 

Understanding the History

Behind Unity’s Section 1244 Stock

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The Opportunity African American Women Have Been Waiting For
New Age Capitalism & New Age Corporations
You Wanted It..Now You Have It!
 

From his experience in management in the 1970’s, in 1989, George M. Sistrunk was once again investigating the potential of using Section 1244 Stock to fund a corporation. Instead of night clubs, hotels and rental properties, the same funding method could be used in franchise acquisition and/or cellular tower acquisition in South Carolina. If it can work for nightclubs and real estate, it could work to acquire franchises and cell phone towers in South Carolina in particular, and America in general.

Initially, these franchises and cellular towers were to be owned and operated by Independent Marketing Group. However, in 1989, he was by himself and there was little interest in Columbia, South Carolina’s African American community or from “so-called” African American leaders, to capitalize corporations for franchise acquisi-tion or to own cellular towers for cell phones. In 1989, he firmly believed cell phones were going to be the wave of the future. Therefore, acquiring and owning cellular towers was just as important ... or even more important than acquiring and owning franchises.

In 1995, when he and Otis Harrison went to the meetings that were organized after the Million Man March, and later with Edward C. Graham, they were searching for people that were serious about taking decisive action that would lead to a fully funded and debt free corporation. As a matter of fact, at his office in the Covington Building, Otis Harrison, George Sistrunk and Alpha Josie seriously debated whether or not Black people in Orangeburg were ready for multi-million dollar enterprises that would lead to an African American owned and operated Billion Dollar corporation head-quartered in Orangeburg.

After their debate, Alpha Josie decided it would be a waste of time to deal with Black Muslims in America. After all, they have been at it for years and still have not established any viable enterprises in any major national or international market. Otis, Ed and George decided it was worth the effort. Otis Harrison reasoned that the success and excitement that was generated by and from the Million Man March would lead to positive action. 

George Sistrunk agreed. Since George Sistrunk already knew; from experi-ence, that a corporation could be successfully capitalized with Section 1244 Stock and grow beyond its limitations in a short period of time, he and Ed Graham supported Otis Harrison’s vision of cooperative effort producing a huge multi-faceted African Ameri-can corporate enterprise.

To his knowledge, George Sistrunk and Edward C. Graham were the only people in Orangeburg, South Carolina that were aware of Otis Harrison’s plan to have African America’s first Billion Dollar corporation headquartered in downtown Orangeburg. Otis’ plan was based on hundreds of people spending small amounts of money to capitalize the corporation.

With George’s knowledge of Section 1244 Stock, he knew Otis' plan was workable if they could find the right people. Because of her spirituality and unrivaled common sense, the only person George and Otis knew that could lead such a venture was Dorothy Pimble, aka, Dorothy P. Snider, aka, Dorothy P. Waymer. 

Edward C. Graham & Lavern Washington

 

            After leaving the first meeting at the Church in 1995, George decided to seek out Edward C. Graham. After explaining how Section 1244 Stock worked, Ed agreed to devote time and effort to the venture. By February of 1996, Ed was joined by Lavern Washington, Unity's #1 public advocate. Like Ed, Lavern quickly realized a lot of people spending a small amount of money on 1244 Stock, that protected them from loss by the IRS, was a no brainer. 

 

In fact, Ed Graham and Lavern already knew people that would be interested in the venture and true to their word, the people Ed and Lavern knew, were among Unity’s first General Partners and shareholders after Unity officially incorporated in February of 1996.  Therefore, Otis Harrison had the plan, George Sistrunk had the knowledge and expertise, Edward C. Graham; along with Lavern Washington had the people and Dorothy P. Snider, aka, Dorothy P. Waymer, could provide the leadership.  All that remained, was getting the participants in the Million Man March not only to accept the idea of a multi-million dollar African American owned and operated corporation in Orangeburg, they also had to accept Dorothy P. Snider, aka, Dorothy P. Waymer as Unity's first President.

 

Capitalizing Unity Then & Now

 

 This is why Unity’s initial capitalization was and is still based on Section 1244 of the Internal Revenue Service code (hereafter also called the IRS).  Section 1244 Stock is an equity stock that is named after the applicable section of the IRS code that describes its treatment under tax law. Section 1244 allows losses from the sale of shares of small, domestic corporations to be deducted as ordinary losses instead of as capital losses up to a maximum of $50,000 for individual tax returns or $100,000 for joint returns. Cutting to the chase, Unity’s founders had nothing to lose and still do not have anything to lose by actively participating in Unity's business acquisition programs.

To qualify for Section 1244 treatment, Unity and its Shareholders had to meet certain requirements. For example, the most Unity could raise and still can raise under Section 1244 is $1,000,000.00 (one million dollars).  Whenever Unity officially issues its Section 1244 Stock, (this means shares signed by the President – Dorothy P. Snider, aka, Dorothy P. Waymer, aka, Dorothy Waymer) only 50% of Unity’s income can come from passive investments such as mutual funds, rents, stocks, bonds and/or other securities. In 1996, Unity did not have any income from stocks, bonds, rents, mutual funds, or any other legally recognized securities. Almost 20 years later, in 2015, Unity still will not have any income from these sources. Therefore, Unity can capitalize to $1,000,000.00 (one million dollars) from its Section 1244 Stock. {Click here for more information on Rule 504}

Also In 1996, every owner of Unity’s Section 1244 Stock had to pay for the stock with cash, check or money order and not receive it as compensation. Section 1244 Stock can also be used to pay people for verifiable services rendered to Unity in lieu of cash payments. Under Section 1244, going to a Board Meeting does not qualify as services rendered. Only those individuals that purchased Unity's stock by paying for it or received it for verifiable services rendered, qualified for 1244's special tax treatment. Since you are at Unity’s information website, click here to learn more about Section 1244 Stock from Cornell University’s Law School.

Considering the dire condition and position of the African American community in Orangeburg and elsewhere in South Carolina in 1996, it was necessary to lower Unity's 1244 Stock to an affordable $500.00. Unlike other well known ethnic communities, Unity cannot capitalize with 1244 Stock valued at $10,000, $20,000, $30,000 or $50,000.00 per share and there are very few African Americans, that are not professional athletes or entertainers, that earn over $200,000.00 a year. This mandated dividing the $1,000,000.00 by $500.00. This division led to the original goal of finding 2,000 people that would be willing to participate in Unity's acquisition programs as Original Founders.

These 2,000 people would not only be Unity's Original Founders, they would also be eligible to receive Unity's non transitional shares for services rendered.  IRS restrictions is the reason why Unity's initial capitalization was limited to 2,000 Shareholders or Original Founders. This is all the IRS will allow for a $1,000,000.00 capitalization objective. As a founding member, an individual can still purchase more than one share and have more than 1 vote for decision making purposes. For example, Columbus President and several others have 2 votes. Click here to learn more about capitalizing with 1244 Stock.

Advantages of Section 1244 Stock

 

            The advantages of limiting Unity’s initial capitalization to $1,000,000.00, protected all of Unity’s Original Founders from loss in the event the corporation failed to acquire a franchise or collapsed from mismanagement. In 1996, this is also the reason why George Sistrunk recommended Unity’s Board approve a resolution to establish a 5-year plan. Unity's original 5-year plan is still divided into phases to ensure rapid growth, development and implementation. The following are the phases that were approved by President Dorothy P. Snider, aka, Dorothy P. Waymer in 1996.

 

            A.        Phase I:  Franchise Acquisition. (By the end of Phase I, Unity would no longer qualify as a small corporation under Section 1244 of the IRS Code. Once capitalization reached $1,000,000.00, Unity had to Amend its Articles of Incorporation to account for its need to grow beyond 1244's growth and financial limitations.)

 

            B.        Phase II:  Real estate Acquisition. (By the end of Phase II, Unity would be valued at $50,000,000.00. [100,000 shares at $500.00 per share that would never be sold, offered for sale or exchanged for any other security/ies.] These shares represent an ownership interest in Unity by shareholders that agree to participate in Unity’s business opportunity programs.  The share; itself, is proof of the holder’s ownership interest. In addition,  the share owner will enjoy all the legal protection of South Carolina's and federal laws governing a Board's responsibility to its voting shareholders. Every shareholder in Unity can vote and some already have 2 votes. Bottomline, Unity is a corporate republic, where the majority rules, but the minority has rights.)

 

            C.        Phase III:  Cellular Tower Acquisition. (By the end of Phase III, Unity would be capitalized to $250,000,000.00 with Cellular Towers all over America; especially in areas that were neglected by large corporations.  At an average of $20,000.00 a day from Unity’s Cellular Towers, that will be added to its real estate income, franchise income, income from investments in Iridium, Cell Phone Manufacturing, Compact Disc Manufacturing, Oil & Gas, Utilities, Polymers, Health Care, Computer Manufacturing, Software Development, Pharmaceuticals, Aerospace, Aviation, Alternative Fuels and Fish Hatcheries just to name a few, Unity would be well on its way to reaching its Phase III income goal of $250,000,000.00.)

 

            D.        Phase IV: Non Franchise Business Acquisition & Development; as well as, Residential Property Development. In the early days, Unity would focus on acquiring mobile homes for rental income purposes. Unity's original goal in the mobile home rental market was 100,000 units at an average rent of $360.00 a month. When reached, Unity's shareholders would be earning $36,000,000.00 a month. Multiply that by 12 months. Therefore, Unity's owners, the shareholders, would be earning $420,000,000.00 a year before taxes, insurance, maintenance and operating expenses are deducted.

 

            E.        Phase V:  Diversification and Exploration for Copper, Oil, Gold, Silver and  any other metal/s and/or ore/s that had high profit making potential. (By the beginning of Phase V, Unity would be worth more than 2.1 Billion Dollars [$2,100,000,000.00 - {$420,000,000.00 x 5 years equals 2.1 Billion.}]  Consequently, as you can see, Otis Harrison's original plan for a Billion Dollar African American owned and operated corporation, headquartered in Orangeburg, South Carolina is not a pipe dream and his plan is still viable in 2015. )

 

            Naturally, Unity's plans or proprietary to Unity and its Shareholders. Anyone that tries to steal them will be sued for 2.1 Billion Dollars. The copyright to the program is owned by George Sistrunk. With the exception of George Sistrunk, none of Unity’s original founding members had any experience in starting, funding and running a corporation or complying with the legal requirements; that must be met, in order to maintain one...and none had any plans for long term growth as a corporate entity.  The above mentioned phases have never been rescinded by the President, Dorothy Snider, therefore, they are still viable and under her leadership, Unity’s goals can still be realized.  However, 20 years later, accomplishing Unity’s objectives will be far more difficult.

 

          Because Unity was created for rapid growth, this is why Unity needed a CEO.  The CEO would manage all of Unity’s various divisions and subdivisions or limited liability companies. This is the third reason why George Sistrunk recommended having a CEO in addition to President Snider... now...President Waymer.  Based on actions and activity, Unity’s first CEO, Dr. Clarence Joyner did not understand his role and had little or no knowledge how to build or manage a corporation.  As a direct result of Dr. Joyner's failed leadership and his supporters on Unity's Board, on May 8, 2015, President Waymer, assumed the role of CEO.  Click here to return to the Agenda and scroll down the page.

 

George Sistrunk’s experience comes from his first hand knowledge in the Story Untold, Inc., with Landers Chambers and Jack Dickerson; North American Property Management, Inc., with Irma Hunter and Sun Hotel, Inc., with Sam Napolitano that were all successfully funded, established and maintained business operations in the 1970s. This is the fifth reason why Unity’s initial start up was so successful, it came from his experience and knowledge in funding, establishing and maintaining a corporate enterprise. In addition, the knowledge and skill he has learned from his successful Internet ventures over the past 10 years are already a tremendous in house asset.  This information website is hosted on his OLM.Net servers in Connecticut.

 

Unity’s Section 1244

Stock Capitalization Has Not Been Realized

 

With Dorothy P. Snider/Waymer back in her rightful position as Unity’s President, Unity can proceed with capitalization for franchise acquisition. Our current goal is acquiring the 5 remaining Kentucky Fried Chicken Franchises that were closed in Orangeburg, Santee and Columbia. Vice President Edward C. Graham is in charge of the project. Otis Harrison will  be tracking down Unity's General Partners that were not properly transitioned pursuant to Unity's Articles of Incorporation. George Sistrunk is investigating Cell Tower ownership; preparing Unity's first annual report for reinstatement purposes and he is developing the plans for Unity Phase II in 2015.  America is not the same country it was in 1995 and the African American community has deteriorated dramatically in the last 20 years. Therefore, it is now...OR NEVER. {Click here learn about 1244 stock qualifications}

 

It is also important to note, Unity is the ONLY multi-million corporate enterprise that can trace its roots to directly to the Million Man March. Based on available records that are not complete; but accurate, to which, the President has unlimited access, as of May 10, 2015, Unity's Section 1244 Stock record of valid and paid founders (for cash or verifiable services rendered) is as follows: 

The Folly of the Joyner Administration,

the Board of Directors and/or General Partners,

Affiliates and/or Shareholders That Followed Him

 

This section of the History relative to Unity's 1244 Stock, will address the misinformation that was in letters sent to shareholders and/or General Partners that were approved by the Board. In 1996, Dr. Joyner and his supporters on Unity’s Board; as well as, any General Partner, Affiliate and/or Shareholder that followed him, were not only operating in violation of Unity’s Articles of Incorporation, Bylaws and South Carolina law, they were also following the misguided advice of some “so called” business advisor that apparently knew nothing about 1244 Stock and its limited funding capability. Whatever the Board was doing....was not in accordance with Unity’s corporate structure according to Unity’s Articles of Incorporation, Bylaws, South Carolina and Federal Law, Unity’s General Partner Agreement and the Board and its ill-informed advisor had no idea how Unity’s Capital Stock was divided.

 

The Joyner administration also engaged in misinformation about Unity’s funding  strategies after forcing out Dorothy P. Snider/Waymer, Edward C. Graham, Lavern Washington and Otis Harrison. By September 1, 1996, George Sistrunk had already resigned and took his copyrighted documents with him. Attorney Vivian Ross-Bennett, Unity’s new attorney, after Virgin Johnson left, informed Dr. Joyner that he could not use George Sistrunk’s documents without his permission and/or a signed agreement.  Therefore, since Unity could not use its Capital Stock without a  means to transition them, Unity’s ability to fund itself and continue its rapid growth was dead. Now that President Snider/Waymer is back in her rightful position as Unity’s President, Unity can complete its $1,000,000.00 capitalization for franchise acquisition. Review the chart that precedes this paragraph.

 

In 1996, neither Unity’s Board of Directors nor Unity’s General Partners were ever misled or given material/s from George M. Sistrunk, OTis Harrison or Edward C. Graham that were inaccurate, misleading or given information that could not be verified from Unity’s Articles of Incorporation, Bylaws, South Carolina Law, Federal Law or by South Carolina’s Securities Division, the Securities and Exchange Commission, Common Law and Common Sense Reasoning. Therefore, Unity’s Shareholders, General Partners and/or Affiliates are just as guilty of Unity’s demise from late 1996 through 1997  as Dr. Joyner and the Board of Directors. 

 

In 1996, Unity’s funding procedures and strategies were approved by Arthur Treacher’s Board of Directors, Corporate Attorneys and Accountants, South Carolina’s Securities Commission and attorneys from North Carolina, Georgia, Florida, South Carolina, Virginia and New York. Therefore, the folly of the Joyner Administration was forcing out Lavern Washington, a dedicated recruiter, Otis Harrison, the man with the plan, Edward C. Graham, the man with the people, George M. Sistrunk the man with the expertise, knowledge and the copyrighted documents that Unity needed to continue its growth, and finally, Dorothy P. Snider/Waymer, a natural and conscientious leader who was and still is dedicated to doing what is right and legal for Unity....., Unity’s General Partners, Affiliates and Shareholders. None of Unity's Board members were ever misled.  Unity's Board, misled themselves, by what they chose to believe; rather than by what could have been verified with minimal effort.

 

Therefore, when it comes to the reasons for Unity’s rapid decline and death spiral, fingers not only can be pointed at the CEO and Board of Directors, they can also be pointed at Unity’s General Partners, Affiliates and Shareholders.  The real power in Unity is not the Board of Directors.  The real power in Unity has been and always will be its General Partners, Affiliates and/or Shareholders. This will never change, unless the Shareholders change it.  The day they do... will be the day... Unity International, Inc., as we know it... will cease to exist.    

 

The Evidence and Proof

 

Under the pretense that the Board was misled about the filing requirements for Unity's General Partners, with South Carolina's Secretary of State, that's why Unity had to sever relationships with George Sistrunk, click here to prove to yourself. As stated in 1996, Unity’s General Partners did not have to file papers with South Carolina’s Office of the Secretary of State. Scroll down to #14.

 

Under the pretense that the Board was misled about the status of General Partners as accredited investors, that's why Unity had to sever relationships with George Sistrunk, click here and prove to yourself. As stated in 1996, a General Partner of Unity was automatically given Accredited Investor status by definition under Federal Law. Read subsection (a)(4).

 

Under the pretense that the Board was misled about Unity's exemption from filing its stock with the SEC, that's why Unity had to sever relationships with George Sistrunk, click here and prove to yourself. As stated in 1996, only corporations that were selling stock or offering stock for sale had to file with the SEC.  Unity does not sell its Capital Stock or offers its Capital Stock for sale to the general public and never will under its Articles of Incorporation. Unity's transition documents are copyright protected.  If the need ever arises, the only stock Unity will ever sell is common stock that is issued through an underwriter registered with the New York Stock Exchange. Also see the U. S. Securities and Exchange Commission's website by clicking here.

 

Under the pretense that the Board was misled about 1244 Stock, that's why Unity had to sever relationships with George Sistrunk, click here and prove to yourself. As stated in 1996, the only Capital Stock Unity can sell are shares that are designated as 1244 Stock. In Unity, 1244 Stock is for owners and founders and no one else. In addition, because of the financial condition of 99% of America's African American population, Unity's stock is never sold. It can only be exchanged for participation in any one of Unity's asset acquisition programs. Unless an individual can prove he/she has rendered a service to the corporation, 1244 Stock cannot be given as compensation and Federal law mandates the stock must be paid for with cash. 

 

If an individual decides to participate in asset acquisition, the share is proof of his/her ownership interest in Unity and his/her legitimate right to participate equally in whatever profits Unity generates. The share is also his/her right to cast a vote, either for or against, any action of Unity's Board of Directors. 

 

Unity's Board is accountable to the owners of Unity...the General Partners, Affiliates and/or the Shareholders.  The job of Unity's Board, if you want to call it that, is to manage the business affairs of Unity's owners efficiently, proficiently, cost consciously and expeditiously in order to increase or maintain the value of Unity's assets for Unity's owners. They paid for it, therefore, they own it and they deserve maximum profits from it.

 

Under the pretense that the Board was misled about how much money could be raised under Regulation D's Rule 506, that's why Unity had to sever relationships with George Sistrunk, click here and prove to yourself. As stated in 1996, Regulation D's Rule 506 allowed a filing exemption for Unity to raise an unlimited amount of money.  {Click here to review additional information about exemptions and private placement under Regulation D.}

 

Based on the verifiable proof and evidence you have just read, who was misleading you?  George Sistrunk? or Unity's renegade Joyner administration, his supporters and his followers on Unity's Board of Directors? In order to maintain Unity’s exemption under Regulation D’s Rule 506, Unity had to file a financial statement with the SEC that is certified by an independent public accountant. This is the same requirement in Rule 505. In addition to not paying Unity's corporate taxes, as of May 12, 2015, Unity’s renegade Board still has not filed a financial statement to maintain Unity's exemption as required by Rule 506. {CLick here to review Regulation D's Rule 506}{Click here to also review Rule 505} 

 

Therefore, based on verifiable facts and Black America's historical reality, it is in the best financial interest of Black people living in South Carolina and anywhere else in America, to stop wasting what little financial resources we do have and to start saving our money now; so we can collectively fund, build and own as many corporations as possible, as fast as possible and acquire as many income producing assets as soon as possible. If not for ourselves, then for our children and their future.

 
George M. Sistrunk - 803-347-6638

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