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very good , opportunistic $$ and takes the pressure off of management to keep us on an even keel, handle filings coming up, and also repay some of the management team's $$ used to bridge the gaps as needed along. Our big pay day is a comin'....gonna be nice. What a gem we own.
Well this is good…
One million dollars into the company coffers.
A minimum of 50% apparently stays in the company the other half will probably pay some liens. Just a guess there.
This should guarantee the company will meet all financial requirements in the upcoming future.
And hopefully implement some marketing strategies now that they have some cash on hand.
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
Cooperative Energy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. 23CO1:20-cv-00221)
Cooperative Energy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation, et al (all lienholders of the Diamondhead Property. (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. 23CO1:23-cv-00153)
Since 1994, American Telephone and Telegraph Company (“AT&T”) has had an exclusive right of way easement along the northern portion of Mississippi Gaming Corporation’s (“MGC”) Diamondhead, Mississippi Property (“the Property”) to construct, operate, maintain, inspect, alter, replace and remove communications systems which they may require from time to time. Cooperative Energy, a Mississippi Electric Cooperative, is also seeking a permanent easement along the northern portion of the Property on which to construct, maintain and operate electric transmission lines together with an access road. On November 19, 2020, Cooperative Energy filed a Complaint with the Special Court of Eminent Domain, Hancock County, Mississippi seeking an Order authorizing the Cooperative to enter onto the Property for the purpose of examinations and surveys. The matters sought in the Complaint were quickly resolved by agreement of the parties. The Company’s understanding and MGC’s understanding was that the case would be dismissed, but the case was not dismissed. On May 24, 2023, Cooperative Energy filed a Complaint for Eminent Domain in the Special Court of Eminent Domain, Hancock County, Mississippi in which it named MGC and all persons and entities holding liens on the Diamondhead, Mississippi Property as defendants. On July 28, 2023, Cooperative Energy filed a First Amended Complaint for Eminent Domain.
On or about February 19, 2023, the parties entered into an Indemnification Agreement to fully indemnify MGC and Diamondhead Casino Corporation and each of their respective directors, officers, employees, agents, attorneys, and affiliates, and hold each of them harmless and defend each of them against any and all claims, losses, damages, expenses and/or liabilities to which an Indemnified Party might become liable arising out of or relating to any activities conducted on or about the Property by Cooperative Energy and/or its respective directors, officers, employees, agents, attorneys, affiliates and/or representatives and/or any unrelated third parties, contractors and/or subcontractors performing any activities on the Property at the request of or for the benefit of Cooperative Energy.
On or about October 26, 2022, Cooperative Energy offered MGC $395,038 for the easement. MGC rejected this offer. On or about April 18, 2023, Cooperative Energy offered MGC $643,748.00 for the easement. MGC rejected this offer. On or about May 24, 2023, Cooperative Energy offered MGC $850,000 for the easement. MGC rejected this offer. On or about June 20, 2023, MGC offered to accept $1,000,000 for the permanent easement provided that i) Mississippi Gaming Corporation got at least fifty percent of the $1 million; ii) payment was received on or before September 1, 2023; and iii) no trial was required. On or about July 3, 2023, Cooperative Energy agreed to the amount conditioned on agreement of the other defendants in the case. All interested parties, including all persons or entities holding liens on the Diamondhead Property, are being served together with MGC as defendants in the case. If all parties cannot reach an agreement as to the amount to be paid for the permanent easement and the manner in which it will be divided, the matter will be submitted to a Judge or a jury for determination.
Cooperative Energy has informed MGC that it has obtained an agreement from AT&T concerning AT&T’s pre-existing exclusive right of way easement so that the Company will not be in breach of its agreement with AT&T.
10q filed today, no news on the "buyer"😥
Grabbed some at .271 today ..decent price
I think you need to put your ear to the track.....that should make you happy.
Another month in the record book
To da moon! Wow what a statement
when the right news hits, and it will hit, this is going to da moon, literally. For now, I recommend nibling in the mid-25s if you have the money
yes - perpetually waiting for something to happen.
Anyone still here??????????????????
Well thay have been down this road before . You can only cry wolf so many times.Its a shame.High interest rate enviroment.
Another week has passed. The new 10q will be like reading a comic book.
Held up ?
Based on todays low print
It’s closer to the 52 week low then the 52 week high
Are you stuck in the stock at much higher levels?
People have been saying that for 20 years.
Even a broken clock is right twice a day. That's about two times more than the dynamic duo!
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I'm anticipating good news
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Considering the delays and not meeting the dates in 8K, it has held up very well.
I'm anticipating good news
Considering what?
Seems like we are waiting for a Crow to die?
Or is that just a wish?
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This has held up well considering
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If you look at the 10-Q released on 5/15/23 it still shows that deal outlined.
The dates for the DHCC stock purchases appear to have been pushed back to September and November.
"The Letter of Intent provides that the Purchaser will purchase a total of 4.5 million shares of Common Stock of Mississippi Gaming Corporation, or 10% of the Common Stock of Mississippi Gaming Corporation, for a total purchase price of $6,000,000, in two transactions as follows:
1) On or before April 15, 2023, the Purchaser will purchase five percent of the total Common Stock of Mississippi Gaming Corporation for $3,000,000. Upon receipt of payment, Mississippi Gaming Corporation shall issue 2.25 million shares of Common Stock, or five percent of the total authorized Common Stock of Mississippi Gaming Corporation, to the Purchaser.
2) On or before June 30, 2023, the Purchaser will purchase an additional five percent of the total authorized Common Stock of Mississippi Gaming Corporation for $3,000,000. Upon receipt of payment, Mississippi Gaming Corporation shall issue an additional 2.25 million shares of Common Stock, or an additional five percent of the total authorized Common Stock of Mississippi Gaming Corporation to the Purchaser.
The Purchaser will have the right to nominate two directors to the Board of Directors of Mississippi Gaming Corporation. The current Board of Directors of Mississippi Gaming Corporation will examine and review the background, experience and credentials of the nominees and, once acceptable, pass a resolution appointing the Purchaser’s nominees to the Board of Directors contingent upon the first Closing and effective on the date of and immediately following the first Closing. In the event the Purchaser has not nominated a director(s) prior to the first Closing, the Purchaser may do so at any time thereafter.
Diamondhead Casino Corporation
The Letter of Intent provides that the Purchaser will purchase 4,000,000 shares of Common Stock of Diamondhead Casino Corporation at a purchase price of $1.00 per share in two transactions as follows:
3) On or before September 15, 2023, the Purchaser will purchase 2,000,000 shares of Common Stock of Diamondhead Casino Corporation for a total purchase price of $2,000,000. Following Closing, the Company will issue instructions to the Company’s transfer agent to issue 2,000,000 shares of Common Stock to the Purchaser.
4) On or before November 30, 2023, the Purchaser will purchase an additional 2,000,000 shares of Common Stock of Diamondhead Casino Corporation for an additional purchase price of $2,000,000. Following Closing, the Company will issue instructions to the Company’s transfer agent to issue an additional 2,000,000 shares of Common Stock to the Purchaser.
The Purchaser will have the right to nominate two directors to the Board of Directors of Diamondhead Casino Corporation. The current Board of Directors of Diamondhead Casino Corporation will examine and review the background, experience and credentials of the nominees and, once acceptable, pass a resolution appointing the Purchaser’s nominees to the Board of Directors contingent upon Closing of the purchase of a minimum of 2,000,000 shares of Common Stock of Diamondhead Casino Corporation and effective on the date of and immediately following the Closing. In the event the Purchaser has not nominated a director(s) prior to the first purchase of Common Stock of Diamondhead Casino Corporation, the Purchaser may do so at any time thereafter.
The Purchaser’s failure to close when required shall render the remainder of the Agreement null and void.
Is the April 15th date still operative?
Have a happy Memorial Day, and keep your eye on the obituaries.
Nothing new here.
They have been delinquent for years. That is what the agreement with the unknown 3rd party is to address. The part of the agreement that involves DHCC stock says that "On or before September 15, 2023". In addition, nothing in the agreement started before April 2023, which is AFTER the March 31 mentioned in your post. So, just hold on.
Not good
ther
The Company is currently delinquent in filing those documents and forms required to be filed in connection with its Employee Stock Ownership Plan (“ESOP”) for the year ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015. The Company did not have the funds to pay professionals to prepare, audit and file these documents and forms when due. Although these required filings normally do not result in any tax due to an agency of the government, the Company could be subject to significant penalties for failure to file these forms when due. Penalties are assessed by the Department of Labor on a per diem basis from the original due dates for the required informational filings until the filings are actually made. The Company has accrued $476,375 and $429,750 on the current delinquent filings as of March 31, 2023 and December 31, 2022, respectively. The Company intends to bring its ESOP-required filings current and when current, will attempt to enroll in a voluntary compliance program with the Department of Labor with respect to any penalties or fines incurred. However, there can be no assurance the Company will be able to enroll in any such program or obtain a reduction of the fines and penalties that may be due.
ther
The Company is currently delinquent in filing those documents and forms required to be filed in connection with its Employee Stock Ownership Plan (“ESOP”) for the year ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015. The Company did not have the funds to pay professionals to prepare, audit and file these documents and forms when due. Although these required filings normally do not result in any tax due to an agency of the government, the Company could be subject to significant penalties for failure to file these forms when due. Penalties are assessed by the Department of Labor on a per diem basis from the original due dates for the required informational filings until the filings are actually made. The Company has accrued $476,375 and $429,750 on the current delinquent filings as of March 31, 2023 and December 31, 2022, respectively. The Company intends to bring its ESOP-required filings current and when current, will attempt to enroll in a voluntary compliance program with the Department of Labor with respect to any penalties or fines incurred. However, there can be no assurance the Company will be able to enroll in any such program or obtain a reduction of the fines and penalties that may be due.
The big seller is in there pounding today. I wonder if the band will step in at the close.
According to the agreement, stocks in Diamondhead are to be purchased in September. The $6M was for the purchase of shares of Mississippi Gaming. So I would not expect to see anything in the 10Q.
As of the issuance date of these financial statements, no transactions per above occurred and no shares of common stock were issued.
Time for a 10 Q.WHAT WILL IT SAY? Where is the money?
Oh no, the sellers are pounding it. What will the band do today?
THATS MY POINT THIS IS A JOKE.
Might be your followers that are jumping on board?
WAIT LOOK AT THAT VOLUME 750 SHARES WHERE ARE ALL THESE PEOPLE COMING FROM.UNREAL VOLUME
OH YES VOLUME IS THROUGH THE ROOF LOADING UP. UNREAL 2000 SHRES BOOM WOW.ITS A LEAST A 100.00 STOCK WOW.B.S.
OH YES ITS BOOM TIME. RIGHT B.S.
Yep, better get 'em while they are so cheap.
Deal's back on, they are loading up this am
Question?
Are we 1 more day past 4/15/23 or 1 day closer to 4/15/24 ?
Did anyone notice in the 8k, did it say which year the April 15th dated applied to
Ok, let's vote. Who really believes they will get the money? I'll be the first to say Yes
Ok, let's vote. Who really believes they will get the money? I'll be the first to say Yes
Good Bye Mr. Chips.
You are. As always. The stock you love the most!
anyone still here ??????????????????
Was the stock delist for too much BS
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