Nascent Wine Co. Inc. (NCTW)

[jocust]

OK here is my summary of how Nascent investors got shafted:

WHat did we the Nascent investors get for our only remaining asset - Targa? Remember that Sando paid 4 million for Commercial Targa with our investment funds in October 2007. Here is what we got for our asset Targa:

1) Nery's USA assumed Targa's accounts payable not to exceed $150,000

2) Nascent directed Nery's to pay off Sandro's [ personal? ] loan plus accrued interest from Genesis Merchant.

So basically Sandro sold Targa to Cathart for peanuts[ $150,000 in A/P liability ] and to pay off his loan.

We got nothing from Cathart and Nery's. Cathart should have given all of us shares in Nery's since this was an acquisition and by extension we would all have shares now ( at least partially ) in the highly successful Little Caesars franchise - ownership of which would have allowed us as Nascent investors to at least cut our losses when the stock fell from dollars per share to hundredths/thousands of a penny per share.

In the litigation Cathart's testimony was that he "did Nascent a favor" by purchasing the asset from Sandro. The asset was ailing to say the least from Sandro's mismanagement- which the court record clearly documents.

My big problem with the "sale" is how the whole transaction was conducted over the heads of we the Nascent investors. Nascent's Board approved the deal as if it were a personal piece of property being sold.

Equally suspect was the testimony that the sale was a "bona fide" transaction representing the true worth of the Targa asset at the time of sale. Both Sandro and Cathart testified that they hardly knew each other before the deal to sell Targa was discussed between them. This is untrue - they knew each other well before the sale. The actual price was presented to Sandro after Cathart made an in person visit to the Targa plant. It was Cathart that came up with the price for the sale - it was not valued by an independent public accounting firm.

To me the whole deal represents a blatant act of "fraudulent conveyance" and should be struck down. We the Nascent investors need to be compensated.