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Hollywall Entertainment, Inc. files Complaint against Blackbridge Capital LLC

NASHVILLE, Tenn., Nov. 1, 2016 /PRNewswire/ -- Hollywall Entertainment, Inc., (OTC Pink: HWAL), "Hollywall", files complaint against Blackbridge Capital LLC., "Blackbridge" in its ongoing efforts to rectify the recent volatility in the marketplace.

On August 23, 2016, Hollywall filed an Emergency Verified Complaint for Immediate Injunction and for Declaratory Judgment against Blackbridge with the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida, Civil Division.

On October 13, 2016, Hollywall was granted a temporary injunction involving Blackbridge to stop further improper conversions of the company's stock. The injunction was contingent upon Hollywall posting a cash deposit of $10,000 into the trust account of Blackbridge's attorney, as well as a bond for $29,100; which was set by the court as the market value of the pending 9,000,000 shares of Hollywall's stock requested by Blackbridge to be released. Hollywall had the understanding that by posting both bonds required for the injunction that this would negate Blackbridge from having the 9,000,000 shares released to them and for the balance of the note being paid in full, meaning no further conversions would be due under the note to Blackbridge.

On October 24, 2016, Hollywall filed an Amended Complaint for additional counts and damages. The amended complaint contains the original count for declaratory judgment, two counts of breach of contract, two counts of fraud and one count of violation of Chapter 517 of the Florida Statutes. Additionally, in the amended complaint Hollywall is suing Blackbridge for damages alleged for use of a 'default' rate of conversion of the alleged debt which is resulting in the exorbitant amount of shares being issued.

On October 26, 2016, an emergency motion to extend the temporary injunction was filed with the Circuit Court. Such motion was denied by the Court since the Court stated in its Order that if the allegations are proven, then Hollywall has a remedy at law, being that money damages can be a remedy to such matters.

On October 27, 2016, the temporary injunction expired and Blackbridge demanded the transfer agent for Hollywall to release the 9,000,000 shares of stock; and the transfer agent complied. On the same day Blackbridge was served the Amended Complaint for Declaratory Judgment and Damages and Summons in their New York Office.

On October 28, 2016, 9,000,000 shares of Hollywall's stock was sold into the market.

Hollywall's Florida litigation Counsel, Craig Huffman, stated regarding these recent events, "Currently I have four situations going on with other companies, including this, involving these type of Transfer Agent, (TA) letters from several funders. Hollywall is far from alone with this issue. Many companies have unwittingly entered into these types of egregious agreements with numerous funders across the country and they are creating significant unforeseen issues. These TA letters are a relatively new development in the industry. The problem is that these letters can be the basis for allegations of abuse by the funders. In this amended complaint we have alleged that the default rate of conversion is completely wrong and has no basis under the facts or agreements. Unfortunately the transfer agents take the view that they have no choice in the face of these TA letters. Hollywall's claims for damages in the amended complaint of course include all issuances we allege are wrongful and incorrect."

Hollywall intends to vigorously pursue and protect all shareholders interest and continues to build and expand its operations for future shareholder value.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.

Contact:
info@hollywall.com
615-257-0780
Case no. 16-CA-7958

http://www.otcmarkets.com/stock/HWAL/news/Hollywall-Entertainment--Inc--files-Complaint-against-Blackbridge-Capital-LLC-?id=143742&b=y
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NOTE: The Hollywall complaint also names it's own transfer agent --ClearTrust LLC-- as a co-defendant

The issue: The Blackbridge LLC investment originated as a $50,000 convertable debt obligation incurred on Nov 3, 2013 by HWAL officer/ director ROXANNA GREEN (aka ROXANNA WEBER) on behalf of her former "EMAX MEDIA" (EMXC:OB --since de-listed). This debt was later assumed by HWAL. Blackbridge alleges that the debt has been in default since June 29, 2016 and has since been demanding shares be issued to them as specified in the contract. HWAL now complains that Blackbridge has been demanding and receiving shares at deeply discounted prices thereby harming shareholders and retiring a minimal amount of debt. Though the amount of the debt is reportedly relatively small, Hollywall is apparently not allowed to simply pay it off with cash. The lower the stock falls, the more shares Blackbridge is allowed to convert in order to "true up" the debt owed them.

Summary of legal proceedings:

The original "emergency complaint" dated 8/23/16 was 52 pages long and rejected by the judge due to errors and omissions. A shorter amended complaint was quickly filed. However, it failed to stop Blackbridge LLC from converting a portion of debt owed them into 1 million shares priced at .0005 (which Hollywall alleges was well below the market value at the time) and which were purportedly sold into the market. In October 2016 Hollywall again petitioned the court for an emergency injunction to stop the issuance of another tranche of shares by ClearTrust to Blackbridge. Hollywall offered to post $29,000 in bonds and other assurances which caused the judge granted a 14 day injunction along with a directie that the parties resolve the issue of jurisdiction in the case (Florida vs New York or elsewhere). On October 29th, the day the 14 day injuction expired, Blackbridge demanded, was issued and immediately sold another tranche of 9 million shares at .0001 --well below the market value.  Hollywall pettioned the court once again in November without any intervention. As before, Blackbridge demanded, received and sold yet another tranche of 10 million shares priced at .0001.

To view all court documents click here--> https://hover.hillsclerk.com/caseSearch.html then enter case# "16-CA-7958"  Click "View" then "Events/ Documents" There are 2 pages of filings. Click the "Image" icon (with the green check mark on it) to view actual documents.

       
       
       
     
     
     
       
     
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#2696  Sticky Note MUST READ***FEATURED PICK***HWAL***  http://investorshub.advfn.com/board moneybagsclay 11/20/16 02:33:42 PM
#2208  Sticky Note Roxy's recycled music scam..wanna license Chuck Berry songs?--> Kool Aid Man 11/12/16 04:26:28 PM
#1477  Sticky Note Hollywall Entertainment, Inc. Moves Forward with Purchase of buythebuy 11/06/16 05:17:09 PM
#3244   This isn't going the way I thought today would on-board 12/02/16 11:36:29 AM
#3243   HWAL .0025 2.7M ask ETRF has to go lukin4winners 12/02/16 09:38:34 AM
#3242   Lol. I like that :-) 10xPAY 12/02/16 08:18:51 AM
#3241   GM hollywallers soon to be financially elite once lukin4winners 12/02/16 08:12:39 AM
#3240   Yes. When news drops its party time :-) HWAL 10xPAY 12/02/16 07:57:24 AM
#3239   Good morning HWAL ;) BERKSHIRE AGENT 12/02/16 07:15:42 AM
#3238   I can't wait for news to drop. This RLSJ84 12/01/16 08:22:21 PM
#3237   Hollywall "Latest prices: $3.20-$3.25".... Kool Aid Man 12/01/16 07:43:29 PM
#3236   Like to see a good close here for tomorrow. lukin4winners 12/01/16 03:46:48 PM
#3235   It's a thing of beauty :) Ray1957 12/01/16 03:43:58 PM
#3234   Yep :-) HWAL 10xPAY 12/01/16 03:42:58 PM
#3233   Roxanna's >>not<< gone..no announcement saying so.. Kool Aid Man 12/01/16 03:08:54 PM
#3232   HWAL started #47 IHUB now #27 more attention lukin4winners 12/01/16 02:49:15 PM
#3231   Patiently waiting word is getting out and many John Kent 12/01/16 02:46:04 PM
#3230   nice buys coming in and 27's hitting now. gail 12/01/16 02:26:07 PM
#3229   vndm is gone, so, just sayin'.... gail 12/01/16 01:47:00 PM
#3228   HWAL RSI http://www.stockta.com/cgi-bin/analysis.pl?symb=HWAL&mode=table& Capitalvaluetrade 12/01/16 01:43:26 PM
#3227   HWAL just warming up Capitalvaluetrade 12/01/16 01:41:31 PM
#3226   Any chart watchers with an idea where this Ray1957 12/01/16 01:41:15 PM
#3225   hi johnny... once they stop hitting the bid, gail 12/01/16 01:23:56 PM
#3224   Let's do this! JohnnyBlaze 12/01/16 01:22:28 PM
#3223   now we have to kick cdel in the gail 12/01/16 01:06:52 PM
#3222   CDEL has 1M shares .0027 will look cheap soon. lukin4winners 12/01/16 01:03:43 PM
#3221   Yup! Almost gone now. Last set of shares MoneyNeverSleeps 12/01/16 12:56:49 PM
#3220   very little left at 27 now gail 12/01/16 12:41:00 PM
#3219   So far close to 10 million shares traded. MoneyNeverSleeps 12/01/16 12:18:10 PM
#3218   HWAL getting ready to blast off! ;-) 10xPAY 12/01/16 12:17:48 PM
#3217   Not many shares left at 0.0027. This could MoneyNeverSleeps 12/01/16 12:11:50 PM
#3216   and bids keep building at 24 gail 12/01/16 12:11:04 PM
#3215   27s thinning out looking good a little more John Kent 12/01/16 12:08:55 PM
#3214   Time to add impatient sellers new highs coming. lukin4winners 12/01/16 12:05:23 PM
#3213   VNDM is now sitting at 0.02! MoneyNeverSleeps 12/01/16 11:56:13 AM
#3212   Yup... this could run REAL HARD seriously! MoneyNeverSleeps 12/01/16 11:45:25 AM
#3211   L2 is wide open days of getting John Kent 12/01/16 11:42:22 AM
#3210   Let em sell there weak we strong hands Punisherzx 12/01/16 11:40:10 AM
#3209   Cmon baby lets run! HWAL 10xPAY 12/01/16 11:33:43 AM
#3208   HWAL hit that .0137 on 15.4M shares! Which lukin4winners 12/01/16 11:25:58 AM
#3207   Let's break some resistance barriers today. Let's get RLSJ84 12/01/16 11:25:07 AM
#3206   stop dumping the bid, let her run! gail 12/01/16 11:20:47 AM
#3205   No brainer here. Just a matter of time. MoneyNeverSleeps 12/01/16 11:20:19 AM
#3204   HWAL .0137 11/7 hod closed .0078 keep in lukin4winners 12/01/16 11:19:42 AM
#3203   agreed! vndm sitting at .02! we kicked them gail 12/01/16 11:19:16 AM
#3202   .003 test and break coming soon HWAL Bombshot 12/01/16 11:18:34 AM
#3201   yep 27s on deck could run big this John Kent 12/01/16 11:17:56 AM
#3200   VNDM moved to .02 wouldn't that be a lukin4winners 12/01/16 11:15:42 AM
#3199   omg! 27 and 28 getting spanked! gail 12/01/16 11:14:58 AM
#3198   You can sell me your cheap shares if MoneyNeverSleeps 12/01/16 11:11:38 AM
#3197   27 on deck!!!!!!!!!!!!! gail 12/01/16 11:08:56 AM
#3196   if the sellers would just leave their sell gail 12/01/16 11:02:41 AM
#3195   I think we are about to break out. RLSJ84 12/01/16 11:00:05 AM
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