I don't see why he couldn't, he reads every post here!
Fact of the matter is, you can probably find similar products for only $1 at Dollar Tree so pretty sure Lehner realizes that time is pretty limited with 1000+ and you can't really push "That Story" much further.
Well, Eric has been pushing the garbage for 10 years now, without anything but $12 million in sold stock to show for I. Toss in the loss of multiple national accounts along the way his original, competent sales team set up for him. The story is so played it's not even worth giggling about anymore.
The best thing for him to do would be reduce the AS by 3Billion shares and return shares to Treasury. Its not asking much.
Don't hold your breath, you'll pass out and die way before that though would ever entertain him brain; it will be reverse splitsville again before long.
Has the 3(a)10 Debt Settlement Been finally repaid?
Winning Brands 3(a)(10) Debt Settlement Process Details
New York, NY – May 12, 2014 - Winning Brands Corporation (US OTC: WNBD) (“the Company”) disclosed in its filing of Q3 2013 results with OTC Markets November 20, 2013 that it intended to facilitate settlement of its liabilities by means of Section 3(a)(10) of the Securities Act. This disclosure of intention was made in advance of the application to the court. The Company further disclosed in its CEO Weblog www.WinningBrandsCorporation.com/blog on March 18, 2014 that this would occur and that share dilution would result. In the 2013 Annual Report filed on March 31, 2013 a “Subsequent Event” is described wherein court approval for the process is reported. As additional disclosure, the company provides the following details.
On January 9, 2014, the Circuit Court in the Second Judicial District for Leon County, Florida entered an order approving the stipulation of the parties (the "Stipulation") in the matter of ASC Recap LLC ("ASC") v. Winning Brands Corporation (the "Company"). Under the terms of the Stipulation, the Company agreed to issue to ASC, as settlement of certain liabilities owed by the Company in the aggregate maximum of $3,665,662 (the "Claim Amount"), shares of common stock (the "Settlement Shares") as well as $183,283 in value of common stock as a fee to ASC (‘Fee Stock”). ASC had purchased the liabilities from the Company’s creditors with a face amount of $3,665,662 as a maximum cap reflecting cumulative accrued interest and entitlements. All creditors are non-affiliates. Winning Brands CEO Eric Lehner exercises greater than 10% voting control of the Company. No repayment of loans to the company by its CEO, Eric Lehner, or any other entitlement to him, were applied for or included in the 3(a)(10) settlement.
Pursuant to the Stipulation entered into by the parties, the Company agreed to issue to ASC, in one or more tranches as necessary, that number of shares of common stock sufficient to generate net proceeds (less a discount of twenty five percent (25%)) equal to the Claim Amount, as defined in the Stipulation. The parties reasonably estimated that, should the Company issue Settlement Shares sufficient to satisfy the entire Claim Amount, the fair market value of such Settlement Shares and all other amounts to be received by ASC would equal approximately $4,948,644. Notwithstanding anything to the contrary in the Stipulation, the number of shares beneficially owned by ASC shall not exceed 9.99% of the Company's outstanding common stock at any one time.
In connection with the issuance of the Settlement Shares, the Company may rely on the exemption from registration provided by Section 3(a)(10) under the Securities Act. To date, no Settlement Shares issued to ASC have been sold. As such, the full Claim Amount remains outstanding and payable to ASC. Based upon the reported closing trading price of the Company’s common stock on May 9, 2014 of $0.0013 per share, if all $3,665,662 worth of liabilities were satisfied pursuant to the Stipulation through the issuance of common stock, the Company would issue an aggregate of 2,819,740,000 shares. However, under the provisions of the Claim Purchase Agreement between ASC and individual creditors, creditors may withdraw from the process if certain conditions of performance are not satisfied, thus reducing ASC’s settlement amount due.
Mr. Lehner maintains a CEO Weblog for the benefit of shareholders at www.WinningBrandsCorporation.com/blog. It is a journal of the company’s mission and provides answers to shareholder questions. It is a regular source of public information pertaining to the company pursuant to SEC Fair Disclosure guidelines.
“The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.”
AI
