TransGlobal Assets Inc (TMSH)

[Slojab]

Yeah, they got caught alright.

Due to the issuance of common shares made to T&L totaling
287,125,281 a majority control of the Company was created, in complete contradiction to the terms of the settlement agreement which the Plaintiff has pending before the Court for enforcement.
The source of the "debt" being reduced is easily ferreted out and isolated in the Second Quarter Report, since the issuance of this massive amount of common shares can be directly traced to the line item on the financials which is for "Short Term Notes Due to Affiliates" on page 5 of the report (shown as page 1 of 18
financials). It can be seen that this transaction took the $567,151.00 which was due to Affiliates from the period ended December 31, 2015, and reduced such debt due affiliates in short term notes to the amount of $44,255.00 due to the issuance of the
287,125,281 shares to T&L. This reduction of $522,896.00 in debt due to Affiliates (i.e. insiders) of the Company means there was some form of insider transaction between Company insiders who were paid for their debt, and T&L who received the shares'. Because of this issuance T&L was placed in the control position of the Company since they are now the majority common share holder of TGI. Notably, the publicly traded share price of TOT, is in the range of $0.02 per share; yet the issuance of that amount of shares, for that amount of debt, means the issuance was being done at approximately $0.0018 per share, or one tenth (1/10 th) the market price. (See www.otcmarkets.com/stock/TMSH/quote) . This is dilutive and unsupported debt conversion price, which represents irreparable harm to the shareholders of the Company, as well as the Plaintiff,if not reversed, should be halted from letting such shares enter the market and be sold to unsuspecting investors.
Such a holding and control of the Company is completely contrary to the terms of the settlement agreement and its intent. The fact that the management of the Company, seemingly working for themselves to deal out their own indebtedness for payment of some amount that was undisclosed by T&L to them, shows a complete disregard for this Court and its pending ruling and ramifications
on the Company and its corporate share structure.