It is kind of hidden away in the last 10K. There was a judgment against BFRE in Leon County Florida, from a suit filed by Tarpon (Hicks). The judgment was for $583,000+. What is going to happen is Tarpon will keep converting (at 50% of bid) and selling (tranches of) shares into the market until the $583,000+ is paid off. I am surprised that there was no 8K noted anywhere for that judgment, as I would think it would be considered a "Material Event". You almost have to go line by line thru the last 10K to find it, but it is there.
This company caught my eye and the first thing I always do is read the filings , starting with the last 10K and subsequent 10Q's (as well as all the press releases and other filings). The judgment was Nov. 4, 2013 and there was an additional note for $25,000 from Tarpon to BFRE in Dec. 2013. (See pages F-25 & F-36). Those pages are the second half of the 10K filing and the best explanation is at the bottom of page F-36.
The worst thing is there is no warning. The other company I mentioned in my previous post was diluted without even a 13G filing. The dirty secret is, if the conversions are for less than 5%, a 13G does not have to be filed. Those rules apply to Asher and their like as well. Hope this helps you out. I would not want to see anyone get trapped in this mess.
Those that enter with certainty, soon realize doubt; While those that enter with doubt, will discover certainty.
