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Wait a second...
If they owed NIR $9.5M, and NIR only got $500k and 20% equity in the new CSG Inc... Then NIR is accepting much less than what is owed to settle the debt, OR they are giving the new company a $45M valuation (which I highly doubt).
Either way, from where I'm sit, that seems like a good thing going forward.
+sold all assets
That is hilarious,you cant even make up something like this.
Thats even more disturbing, they got $9.5 million in funding from one company alone, yet the company is now worth less than 3 million.
Just how incompetent were these fools ??
From Phil:
"NIR had no shares. To get them to accept $500K as full settlement on $9.5 million we had to offer 20% equity."
Thank you for keeping us posted... much appreciated.
From Phil:
"No shares retired. Waiting on Nic to sign off on NIR shares they receive with pay-off. Should get it tomorrow."
Anyone know much of the other Co. Phil works for??
http://investorshub.advfn.com/boards/board.aspx?board_id=6310
http://www.strikeforcetech.com/index.aspx
I was saying that was totally unrealistic. There was no way that it would become 1/15th of the current # of shares.
Is there any word if or when they will acquire a new line of product?
Don't count on that... I would say around 4b I hope I'm wrong and u are right.
If my math is right, it would have had to drop to 339 million shares to hit the .0065 pps.
So, we wait
Maybe that has changed after they paid off CR and retired some shares and if anyone used their dessent rights and excepted?
The management of this company disgust me, there supporters even more so.
Three - four years ago this company was trading @.0065. Now the company has a value at .0004/share. So the company has lost almost it full value. Yet the incompetent careless management have decided that they are worth another $300K of a bonuses by giving themselves another 750 million shares.
These pinkies appear to be the best way of making money going, setup a company if you run it into the ground you make money, if you do well you make money, can't lose.
The management of this company are no better than the worst of the pinkie scams out there.
Its 5.5 billion shares, from Phil himself.
From me: "When will we know the share structure?"
From Phil:
"Mon or Tues."
AS as far as I know.
Is that AS or OS.
I will see what I can find out... I'm pretty sure someone said they where told 5b.
When will we find out what the share structure is.
From Phil... The Co. Book value.
"BV is 2.2 million."
BV.. Book Value FV... Fair Value
what does BV and FV mean?
From Phil:
"Working on it as I type this with our attys. I should have an answer tomorrow on BV not FV."
Just did.. we will see if he tells me.
Has anyone asked Phil what Fair Market Value Is ?
There seems to be a number of companies with the name CSG inc including one listed currently on this forum.
My question to him....
"So now do you have an estimate on how long until we get some info on any acquisitions with CSG?"
Timeline for what?
Yesterday from Phil...
"We only closed today, so give us a week or two to put a timeline together."
From me:
Sounds good!! Will be Anxiously waiting for some info on the future of CYSG/CSG Inc. After Esko takes over CAPE what will be the best way for communicate beside phone/text?
From Phil:
Txt is fine. Closing docs are being done today with wires being sent this Monday 10/21.
Yesterday...
From me: Did the closing happen today as planned?
Blocker: Either tomorrow, Thurs or Friday. We have Bring Down call scheduled for 9AM which must be done within 3 days of closing, so worse case it would be Fri.
Will there be a new contact email for Blocker ?
People needs to start bugging Phil about this supposed other deal they signed an LOI with
I asked Phil about the site..
"The last week or two we have had technical issues ref: email svc. Not worth investing time or money as it will switch to ESKO late next week."
I know the closing was moved to Tue 10/15...
Just tried it. Looks like the website is down.
Has anyone tried to get on www.capesystems.com it is not working for me?
Imagine that, shareholders can sue in a class action claiming that they have been misled by the company.....................
http://www.theyeshivaworld.com/news/General+News/190791/BlackBerry-Faces-Class-Action-Shareholder-Lawsuit.html
Closing on Esko will be on Monday.
I had a similar conversation with Phil. He stated that he has not been compensated in cash, just shares. His goal is to make more than on the shares than he would have if he'd been paid in cash.
what was Phil's answer to your question?
*dissent.... spell check =)
So we are all in that didn't descend... I asked Phil if they had very many people descend.. I told him I did not.
"The deadline was yesterday so you are taking the ride the same as I am based on my shares and my goal is to get as high a value as possible."
Let the re-listing began.. GOD willing!!!
2% But I doubt anyone will tell the truth who actually does. I am not!!
What do you think the % is of us that filed dissenter's rights?
I got my check today for descending... anyone else?? Ha ha NOT! Has anyone that has sent in got any info yet??
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The future home off CSG Inc.
www.csginc.net
Cape Systems Group is in the process of an Asset Sale. Cape Systems Group Inc. intends to sell it's two subsidiaries, 'Cape Systems and Consulting Services Limited' and 'Cape Systems Limited,' to ESKO. The estimated closing date is September 30th, 2013.
After the Asset Sale, the shell company intends to change it's name to CSG Inc., use proceeds to purchase an operating company, and to relist the common stock.
A detailed proxy statement has been sent to Shareholders.
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