Petrone Worldwide Inc. (fka PFWIQ)

[Island dreaming]

What are you talking about? Lazar had custodianship terminated.

[Razacha]

You never really know in the land of OTC.

[The Mothman]

Actually that one debt holder WITHDREW his plan and Lazar wanted custodialship and got court to give it to him. Maybe they DO have a plan???? Time will tell.

[sudhakar]

greatly described the situation..let us hope something and we go current

[The Mothman]

Great summary of our situation! I hope we never get hyperinflation, but if we ever get to 50% per year.... the debt holders will loose even a hope to make money. DL may be able to pay the old debts with pocket money of Zimbabwa type dollars. Best for them to cut a deal of debt for a FAIR share of stock now..... then we all move forward together ASAP to make US DOLLARS now so we can transfwr those gains to gold or real assets before dollars inflate away.
But like most business men here... they will delay or do nothing. At least we are free of those slow-poke court judges. I rhink that is a good thing. Get free fron the damn judges and make FAST business moves! In my dreams only.

[Nefyn]

I made money on this when it popped and kept 10M to play it out. Sold my 10M a few days ago…the unresolved debt is toxic

[Razacha]

Only 1 of the debts wanted to play ball with that and got denied. The other debts seem to either want all of it, or none of it. Though who knows ig. It is OTC.

[Razacha]

Only if he makes a deal with the current note holders... So far it's been very unsuccessful. Last court date(10/26) shows that 3 of the debts were still unsettled, and ADARs note conversion(one of the debts) got denied. Whether he has a plan for a shell with this much debt is hard to say really. Not trying to bash or anything, just a sad truth at the moment. Alot of us were waiting on the 10/26 date.. too bad really.

[The Mothman]

Looks to me IMHO that DL is custodian and old debt comes with ticker. MY SOLUTION FOR LAZAR: Give debters shares or preferred shares in exchange for debt cancelations. We all can win somwthing feom that if we gwt a good RM partner. If not.... maybe everyone includings debt holders get nothing. I only have 1 million and have no knowledge of anything. Just guessing. Everybody pray for DL and debt holders and all us shareholders.... that will help.

[silvermintz]

Lazar's priority would still be trying to get rid of the debt first and foremost. Bringing it current costs him more money and doesn't solve that issue. It's possible, but not likely, that the noteholders play ball at some point and then he'd certainly have a reason to bring it current. Until then Lazar's still got nothing viable to sell, whether current or not.

I think the debt here would have probably been settled if it were just one claimant, but since it's several the negotiations clearly became much more difficult.

[ColetonM]

Do we think Lazar gets this current?

[sudhakar]

Do you think any chance DL will spend some amount and bring this to current ?, I believe he will as he is still holding this and have some plans..your thoughts pl.

[silvermintz]

This was a shell with unsettled debt before the custodianship and it will continue to be a shell with unsettled debt at this point. Lazar's goal when he became custodian was to end up with a "clean" shell free of debt to which he could sell off control to a suitor. He wasn't successful in his attempts to negotiate the outstanding debts, so he has nothing of real value to sell for the time being. No potential suitor is going to pay Lazar for a shell loaded with debt.

[ColetonM]

Likely to file for bankruptcy? Or where do you think lazar goes from here

[silvermintz]

Lazar has had custodianship of this ticker since March of 2020. Lazar was not able to settle the debt brought forward during the proof of claims process. Yes, custodianship was terminated but, unlike many other custo plays, the shell Lazar is now left with isn't "clean", and therefore not saleable with the debt still remaining.

[ColetonM]

So what’s happening here? Some saying that termination of custodianship is what was wanted? Also.. David lazar still active on the SOS. SOS is active and in good shape.

Will Lazar get this ticker?

Potential investor.. just trying to get some more info!

[sudhakar]

understood..thank you

[JPGetty]

nm

[horst]

Well, as I've communicated here since Lazar first said clearly that he was unable to resolve debt or rehabilitate the shell, I've thought there's zero hope for PFWIQ for several months. And I think there's even less hope than ever at this point now that it's in the expert market with no custodian and no indication it will be worked on further. I can't imagine what any next steps would be since everything so far other than reinstatement has been a failure, with note holders who were unwilling to negotiate when given the chance. One can always hope for a miracle, but there's no indication a miracle is in the cards here. The writing has been on the wall for months.

Just my opinion of course....
H

[sudhakar]

Thank you Horst, can you through some thoughts on next possibilities and hopes

[horst]

Here's the page of the latest court doc that has new info - the rest is a summary of what was already known.



Adar did not get their note converted to equity, and custodianship was terminated, meaning Lazar is no longer custodian.

An aside: Adar in its now-withdrawn counter-motion had claimed that Auctus Fund already had its notes converted to equity, but that wouldn't seem to have happened going by the fairly recent OS given at OTC Markets. The OS would explode if Auctus's claim was converted to shares. Maybe the shares haven't been registered yet? Or maybe that just never took place. I frankly have no idea - there's no way to know from the information available.

Anyway, it's still a horrifically debt-ridden unbuyable shell in the expert market with no financials posted since 2017, a company which lazar has stated repeatedly, through his attorney in court documents, that he was unable to rehabilitate. There will be no more new information via court filings at CCC since custodianship is terminated and the case is closed.

[sudhakar]

what are next possibilities? can some through light on this please

[sudhakar]

Thank you for posting the link

[m_m7]

Custodianship terminated without rehabilitation from DL,
it was worth the risk IMO...glta

$PFWIQ -- custodianship terminated without rehabilitation from David Lazar & Peter Chasey.
I guess someone can pick up the fight, but highly unlikely IMO...it was worth the risk...glta pic.twitter.com/lX1zwDmWmi

— M_M7 (@bluegrass_otc) October 26, 2021

[Sweet1234]

Thank you

[Razacha]

The paperwork is only 3.50$ to buy for those interested.

[Razacha]

I do. I can't upload it, but ADAR's conversion got denied, the custodianship is terminated and got approved of the motion to bar all unasserted claims starting on the 8th! Couldn't help but buy the documents.

[Sweet1234]

I don’t have all the court info

[Nothingontv]

Any idea what order terminate means? Terminate custodianship?

[Sweet1234]

Clark county

10/26/2021 All Pending Motions
Judicial Officer
Johnson, Susan

Hearing Time
8:30 AM

Result
Matter Heard

Parties Present
Plaintiff

Attorney: Chasey, Peter L.

Claimant

Attorney: Balducci, Christian T.
10/26/2021 Order
Comment
211026 - PFWIQ - Order Terminate (attorney signatures)

[Razacha]

Could I get your source for that? I'm having troubles finding anything.. thanks!

[Sweet1234]

Matter heard so should know something soon

[Razacha]

Goodmorning!! Fingers crossed.

[Razacha]

That is a fantastic read. Thanks for sharing.

[m_m7]

I do not see any court date reported today for PFWIQ? I am trying to get some updated info.

Also, this is why I bought & am staying till the end in PFWIQ...

https://www.thebasilelawfirm.com/post/new-york-s-highest-court-rules-convertible-notes-subject-to-criminal-usury-laws

[sudhakar]

Good morning PFWIQ--

[floridaboy]

Lunchtime or so on the East coast...

[0001-stocks]

LINK HERE for Court Document

https://twitter.com/bluegrass_otc/status/1447350663210536962/photo/1

click on photo on twitter page to enlarge document

click on right arrow key to see page 2 of document

[0001-stocks]

if Dave Lazar is awarded custodianship

[0001-stocks]

PFWIQ will sky rocket

[0001-stocks]

PFWIQ goes to court Oct. 26, 2021

[sudhakar]

yes I think if we get positive court decision tomorrow ..

[0001-stocks]

is PFWIQ a good stock to buy?

[floridaboy]

Not "lots", but 6 is better than 1...

[teamreid]

Someone know something.... lots of buying today?

[floridaboy]

Roger that

[sudhakar]

let us hope some settlement..and life back

[floridaboy]

Tuesday 26th just around the bend...

[floridaboy]

I hear ya man...

[m_m7]

Do the few of us really think David Lazar, who continues to pay Peter Chasey's court time & prep, is going to flood the O/S with Adar shares
and then find a buyer and sell it?

Correct me, DL has walked from several shells that during the process
didn't work, correct? So if I am right, why is he still here?

https://investorshub.advfn.com/Custodian-Ventures-OTC-Lazar-Plays-38953/