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Singh is a bigger putz than I realized. BGMO failed three times to move any money at all from its mystery Swiss subsidiary that had $179.5 million or the accountant certified Hong Kong Bank $1 billion deposit, yet Singh thinks they will close in June. Even Bernie Madoff is slapping his forehead. Singh -- wake up -- you've been Herzog'd.
In the mean time how is VSTA funding itself? Only adjustment to Platinum loan was ratcheting warrant strike down to $0.50. I don't see any new cash. What are they paying employees with? Stem cells.
I hope there is a miracle. At least no one is running for the exit. You are all smarter than me.
Vsta had $24k cash at 12/31/13. Burn has run over $1 million a quarter. It appears the patient has flat lined. Wonder if Platinum threw a lifeline. Getting Herzog'd by Hillard is the least of Singh's worries.
You can't fool me -- I actually read the accountant's letter and understand what it means.
And, show me any visible sign of any investments. That $1 billion sitting doing nothing. If this weren't just a worthless hoax, Herzog would have gotten fired anyways for missing 20% up move in the market while sitting on 100% uninvested cash.
Ha ha ha. A never ending set of head fakes.
Yeap - so Where is the Money?
Signs BGMO has run out of gas
1. No new news or any info from company for months.
2. QualityStocks contract expired in March and Facebook/Twitter flow has died.
3. No claims this year of forthcoming Audit or any work by LL Bradford.
4. Company surprisingly went dark - STOP SIGN on OTC Markets even though it mounted a major effort to get uptiered to "current" status last Fall including paying money to lawyers/accountants. Really bad sign to let this fall apart, when the only requirement to stay "current" was posting up another faux financial statement. This failure has me most puzzled.
5. No sign of any cash from $179.5 mm claimed on financial statement and/or $1 billion - $1.5 billion available for investment through cash-backed security and/or NWI investment agreement.
6. Whining about critics instead of providing real information or explanations.
7. Third closing date for VSTA share purchase missed.
8. No news on public broker/dealer investment or anything else for that matter.
9. 84 year old geriatric CEO losing it.
On the Other Hand
1. We've been here before, and seen BGMO spring back.
2. Market value of $4-6 mm way above appropriate level for a shell like this with many liabilities.
3. No massive dumping or new share issuance.
4. No reason to abandon this little money maker just because current market is poor -- just hang back for 6-12 months and try again.
5. Little cost to maintain status quo.
6. Herzog hasn't been arrested and share trading hasn't been stopped.
7. Hope springs eternal.
8. Someone is buying shares -- not all tape paints.
Company must be in midst of Audit -- wonder how ugly the "Going Concern" footnote will be. 10-K due by end of June. Singh can't sit on news of Share Purchase Agreement default forever. I am eager to see what smart guys at Platinum do next.
I predict there will be many opportunities to double down in the coming weeks. 62 mm shares unleashed in August.
The Vancouver group and HH can't live on HH's empty words and faux fundings -- they have to pull cash out of the market, not a lot mind you, but some real cash to sustain their efforts. They've nursed this odd scheme for years and milked it quite nicely - never blindingly dumping, often pulling back to maintain semblance of a real company. Maintaining this scheme while siphoning money from those willing to invest into a blind opaque company with story-telling CEO is a real art. I could learn from the Vancouver gang.
Could be Vancouver group monetizing shares in advance of 62 million shares becoming tradable after one year holding period. Not everyone is willing to eat HH empty words and bills need to get paid.
Or could be long suffering holder who just got fed up being treated like merde.
Reality is, this is a great price to sell shares of empty shell mismanaged by 84 year old sociopath.
Someone is getting real money for their worthless BGMO shares. Bravo! I hope it's a real shareholder, not the Vancouver crowd.
Silence isn't golden -- it's just the despicable way Hillard treats shareholders. None of the "signed deals" has any value because the counter parties are all fakers and con men.
Good analysis. Platinum is in driver seat, but the car is out of gas. The faux BGMO deal was a diversion, but only Platinum's cash can address VSTA's immediate cash crisis.
plain as day - surprised you didn't get the message.
If BGMO had any money -- why did they default on $1 million closing?
BGMO is just as broke today as it was a year ago, two years ago, three years ago, four years ago. BGMO still concocting hoaxes to pretend it has massive investment, but WHERE IS THE MONEY.
Where is the $179.5 million cash shown on BGMO compiled financial statement? Where is any of that $1 billion or $1.5 billion some mystery investor left in demand deposit at HSBC with investment power to Anguilla shell company run by mystery people, who picked BGMO to make investments on their behalf for 50% of the upside.
Money talks, baloney walks. No amount of props covers up the lack of money.
I found this interesting II story about Platinum Funding. I am assuming this group is VSTA's main backer.
http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2814491
http://www.vistagen.com/?p=914
BGMO was once backed by a now-defunct NYC factoring firm named Platinum Funding Group. Coincidence? Platinum Funding Group got big piece of BGMO when debt was "settled" but exact terms not announced. Then Platinum failed in 2008 and was liquidated.
Can anyone figure out if and how these two Platinum's are related? BGMO Platinum was the Levy brothers, while VSTA's Platinum is Mark Nordlicht and his partners. I don't see the connection (other than name) but you never know - both companies are NY based lenders/investors in high risk situations and both run by orthodox.
I found this interesting II story about Platinum Funding. I am assuming this group is VSTA's main backer.
http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2814491
http://www.vistagen.com/?p=914
BGMO was once backed by a now-defunct NYC factoring firm named Platinum Funding Group. Coincidence? Platinum Funding Group got big piece of BGMO when debt was "settled" but exact terms not announced. Then Platinum failed in 2008 and was liquidated.
Can anyone figure out if and how these two Platinum's are related? BGMO's Platinum run by Eyal Levy while VSTA is Mark Nordicht. Both invest in highly risky small businesses and are NYC based. Both run by Orthodox people. This all may be coincidence, but you never know.
It doesn't matter how many props BGMO and the Vancouver gang foist -- there is still no money.
Money Talks, BS Walks
Herzog is now a "Weekend at Bernie's" CEO.
No PRs, No claims of 2012 profits, No nothing, but scratched signature on defaulted Share Purchase Agreements.
I think the people running LL Bradford firm now realize Lewis' letter was a breach of Professional Standards and exposes them to substantial liability, particularly since they were aware how shamelessly and extensively the BGMO gang misrepresented their compilation work.
I still can not fathom why a partner of an accounting firm would write a letter reciting numbers on papers, without independently verifying the existence of the account, and also state conclusions about legal documents from foreign jurisdictions unrelated to accounting matters.
This may explain why we aren't hearing anything about 2012 audit/financial statements or more work from Bradford.
Firms like Bradford that operate with a "Sargent Schultz" mentality ("I see nothing") aid and abet financial fraud, and should be held accountable for their actions.
Thanks much. As far as I can tell, VSTA has not done anything illicit and there was nothing factually false in the PRs. They entered into a standard form arms-length private Stock Purchase Agreement and reported the news to public. They modified the agreement when BGMO was about to default, and promptly issued 8-K.
There isn't anything fraudulent about this, unless one can prove Singh knew BGMO would not complete the transaction. We can argue that due diligence on BGMO would uncover its track record of false statements, lies, failure to complete investments, phony financial statements, litigation, erratic behavior, etc., but VSTA can rebut this and hide behind "business judgment" standard. Unless there is smoking gun papers (i.e., emails), hard to prove knowledge. Also, to be criminal one would need to show VSTA and/or insiders personally profited, for instance by selling shares, in wake of announcement. However, given meager share trading, it's doubtful much profit was garnered.
Given VSTA financial condition and lack of other options, VSTA will argue it had nothing to lose even on long shot deal with scum-of-the-earth garment salesman.
VSTA might have choice words for its lawyer, who presumably did some review of BGMO's corporate filings and litigation history before papers were signed, which would have raised many red flags. They also would have choice words for MissionIR, which should have realized HH is full of manure and BGMO's millions were a hoax.
One could question whether the sale of controlling interest requires a shareholder vote, but this is a corporate legal matter. Given the Board has two lawyers and used outside counsel, I believe they are well advised on this matter.
One can argue VSTA is withholding material information regarding status of SPA -- but this isn't a violation, as long as insiders have not traded shares while in possession of such information.
It is reasonable to assume the company will soon announce another investment by Platinum Funds as it also announces the BGMO SPA is terminated. I am eager to see if Singh goes after BGMO legally on the default. Also, I expect new Platinum round will be punitive to existing common.
BGMO is an empty shell. What keeps this scam going is the tireless efforts by Vancouver gang who keep pretending otherwise, and have for years despite being wrong 100% of the time. The game must pay off for them, otherwise they would have gone the way of the Viking.
VSTA is now up a creek without a paddle. The stem cell technology is very important. Hopefully a real investor will appear soon, so VSTA can get on with its business and get away from the BGMO taint.
Why don't you try selling some shares at the bid? A few thousand dollars is better than nothing.
Money talks and B.S. walks.
Herzog has been head faking people for years with B.S. about having access to vast sums. Time to put up or shut up.
BGMO is conspiracy to defraud -- promoted by Vancouver gang who want to capitalize on Hillard Herzog's unending sociopathic behavior and unending willingness to tell fake stories.
I call upon Shawn to provide details of BGMO deal -- what was he promised, what information HH provided, what excuses are being served up now. Shawn should certainly file complaint with SEC regarding HH false and misleading financial statements posted to OTC Markets falsely purporting that BGMO had $179.5 million of cash at September 17, 2012 under GAAP. Here is the online complaint form:
https://tts.sec.gov/oiea/Complaint.html
That Shawn Singh has gone silent is not a good sign for VSTA -- lack of transparency and example of CEO sitting on bad news.
Based on the last 10Q, the VSTA is operating on fumes. One can have to greatest objectives in the world, but achievement of the objectives for a company like VSTA requires time and capital.
The issue is not whether there are "creeps" surrounding BGMO, but the reality that BGMO is a long running scam that has indiscriminately harmed other companies through flagrant misrepresentations and false and misleading financial statements.
Funding from other sources is the only choice for VSTA, as BGMO has no money to invest and has pulled a "Herzog" on Singh.
Have a great weekend.
Can you remind CEO Singh that he owes the public an status update on sale of shares announced to close by May 15th. Any news is material given the amount of money involved and the fact this would aggregate to a change in control. The market does not need general pr about potential for stem cells when company is in dire funding crisis and may not make payroll.
VSTA shareholders care how the company will fund itself in 2013 -- not that Singh wasted a bit of time chasing a dud deal. Yes it's embarrassing to announce sale of massive equity stake, then revise the deal, only to see that get jilted too. While we know Herzog is a deadbeat, apparently he can be convincing in person. Like Rahi, Singh is now wiser. Mission IR owes Singh a major apology. They had plenty of time to observe Herzog is rotten.
Wow -- another day no trades, no tape paints. Nada. Is it a holiday in Vancouver?
Whoever got the 62 million practically free shares will be free to trade them in August -- I expect another campaign to start around then. The last three campaigns have fallen flat on their faces as Herzog and the Vancouver group proved they are F.O.S. and can't move the shares. Sorry but that's the truth. Traders jump on skanky pinky if there was a good chance to make money -- but given zilch liquidity, erratic behavior of elderly CEO and long-term downward share price -- not worth the risk. I suspect not a single person is fooled by fantastical claims, but everyone wants to sell to some greater fool at a price higher than the 2¢ currently available . 2¢ is high price compared to where stock will eventually be.
I noticed company's Facebook/Twitter stopped in March and website/OTC not updated. Wheels have fallen off the cart. But I doubt this is last we hear from Vancouver Gang -- who has little else to do.
Can't wait for next episode. VSTA may not be over. Odd no PRs.
I don't agree -- suing BGMO is complete waste of VSTA's time and money. Investors in VSTA don't want to see money wasted on fruitless litigation. Singh should file SEC complaint, IMO.
BGMO can't get bona fide funding, as they have no audit, no verified assets, no revenues, no real business operations, no people beyond a sociopathic ex-garment salesman and his Paki sidekick, both of whom personally were liable on company debt to Camofi.
Anyone interested in VSTA would never run such investment through BGMO, given the awful governance, murky ownership, self-dealing and lack of candor and abject dishonesty. Oh yeah, and the tax inefficiency and structural subordination.
What's up with Singh -- is it typical for him to keep investors in darkness like this?
VSTA (Singh) should exact his penalty by filing formal complaint with SEC regarding the fabricated financial statement Herzog provided purporting that BGMO had $179.5 million in CASH. He might also speak with F.B.I. regarding possible claim of wire fraud in the event any money changed hands.
We know Herzog has been floating these bogus financial statements for years to investors and partners -- usually embossed with stamp
"Subject to SEC Review" or with tiny footnote saying they are GAAP on the assumption that all previously announced deals and contracts were completed (which is oxymoron to GAAP) and such deals never have been completed.
I agree -- VSTA gains nothing but Pyrrhic victory suing an empty shell for breach of contract. What has Camofi gained from its two year litigation? This sort of contract dispute would never be a contingency case.
Is Singh nuts for not informing shareholders for five days where an already once-defaulted deal stands? That's sloppy management.
VSTA 10-K is due 90 days after end of fiscal year, which was March 31st (so 10-K would be due by June 30th).
VSTA wouldn't have taken BGMO half-baked poorly diligence offer, if it had any alternatives from real investors. The technology is exciting, but a long time and a lot of money have gone into VSTA with little to show. Unless Platinum has more money to invest, the fat lady may be warming up. These things happen - Hurel got funding, but VCs rarely will touch a public company. Platinum may be better off running this through Chp 11 and taking 100%. Re-tee this as private company.
Hillard has pulled another "Herzog" -- no one can actually believe someone can be as delusional and sociopathic as this pathetic liar. He is very convincing in person and can lie right to your face about significant matters without batting an eye. I guess Madoff isn't the only one with this skill. The trail of debris from his lies and false statements is lengthy. Something has to be done -- I hope Singh reports this to SEC as complaint based on the false financial statements Herzog provided.
There is a group in Vancouver with Gary Purdon and others, perhaps Mike Fronzo, that persistently pump BGMO and never ever acknowledge any of the failings. The operate like a pseudo IR department in repeating any false/misleading statement from Herzog over and over no matter how stale and disproved such info is. They think this lets them avoid liability -- we will see.
None of this helps VSTA get funded -- but the taint of Herzog is hard to wash out. Good luck trying to shake this off.
In the immortal words of Jerry Maguire "Show Me The Money"
The Vancouver group under Gary Purdon will never stop spinning the lies -- they've been doing it for years.
We are seeing more random idiotic evasions rather than straight talk and honest answers about why Herzog failed to fund again the Share Purchase Agreement and is in default of contractual obligation, again.
What an epic saga of lies and deceit - what is the purpose other than a few $100,000 to the Vancouver gang. Well, that is probably enough reason.
If the financial statements were true - WHERE IS THE MONEY?
If the accountant's letter meant what you claim -- WHERE IS THE MONEY?
If the HSBC deposit was real -- WHERE IS THE MONEY?
Cash talks, and b.s. walks.
Balderdash -- if story were true, there would be more than one month's profits, there would be mega cash paid to HH/SP ---
And, Herzog could draw on those Billions of cash on deposit at Hong Kong Bank.
Or -- the BGMO Fraud is unraveling under repeated failure to deliver any promise. It's a wonder that any one holds the shares.
This is exactly the sort of nonsense excuse one expects from serial head faker Herzog. The company claimed to have $179.5 million at Sept 17th, not mere $88 million equal to the after tax profit. If any of the cash was real, they would be plenty to pay $1 mm for the VSTA shares. Herzog and SP each would have been paid $40 million "commission" so would be plenty liquid to advance cash -- but it's all lies.
On the other hand, if Herzog "knew" all the cash was tied up in escrow, why would he sign binding contract to make cash investment ... in two weeks, and then default twice? Answer - he's a sociopath and the Vancouver gang will never admit the truth (cause that would stop the cash machine).
Also, the $88 million was earned before the $500 million of supposed cash-backed securities -- the gang can't even keep the stories straight.
There is no reason to think Herzog or the Vancouver gang will change their tune -- they've been squeezing enough cash from BGMO to make it worth their while, and the SEC doesn't care about this sort of low level scam since the suckers who buy the shares deserve to lose their money.
At this point, it's just entertainment.
I do wonder what Singh will do -- I think AM provided good insight -- face saving exit (like Suntrough) is better than causing a scene (like Rahi). Share Purchase Agreement terminated by mutual consent is possible. Almost as likely is one more "amendment" pushing out time line for next default. Less likely, VSTA sues BGMO to enforce contract -- nothing to collect and defendant is overseas (although good case can be made to sue CEO personally). In any event, I think VSTA should file complaint with SEC that BGMO issued very false and misleading financial reports and is criminally misrepresenting its assets. VSTA and its VC backer have better standing than penny stock investors.
Two days elapsed since closing date on modified stock purchase agreement -- doesn't company owe shareholders an update?
The sleaze -- HH welshes on another contract and hides from shareholders. The share trading shouts one big "tape paint".
Can't say I am surprised, except that share price isn't <1¢.
I wish people would focus on BGMO and not divert attention with libelous accusations about "Terry". You've shown not one shred of proof other than an obvious fake Linkedin (one of 500 for Terry Thompson) that doesn't say "SEC". This board needs to deal with Herzog ongoing demolition of BGMO.
VistaGen business model is novel use for proprietary stem cells lines in aiding drug toxicity analysis. It clearly states its business plan and provides regular updates to shareholders, including timely filings with SEC. The technology is peer reviewed and has garnered numerous Federal grants. Unfortunately, the path to success is longer and more costly than anticipated, but the company only has to hit on one re-vitalized drug candidate (or have its assay method adopted broadly in pre-clinical drug analysis) for shareholders to win. Given current dire cash shortage, company may have to recap or sell the technology soon, so shareholders are currently in a squeeze position and could lose out.
Bergamo Acquisition business model is to issue false and misleading press releases and taped interviews, blast spam boards with nonsense in order to sell shares by Vancouver group. It provides erratic disclosures, hasn't filed with SEC or held shareholder meeting in a decade, is known to make outright lies and fabrications to shareholders and business partners. Its prior business was ladies garments from Pakistan, which failed due to inept management. It has defaulted twice on signed contract to purchase VSTA shares, adding VSTA to long list of groups misled by HH. It has no apparent assets or revenue, but posts fantastical unaudited financial reports to OTC Markets as part of its scam. CEO is unapproachable psychotic octogenarian who rambles, babbles in his alternative universe where a man's word is worth spittle.
Great great fit. Explosive (as in soon to be debris).
Yes -- spreading bizarre statements like....
Why hasn't company announced 2012 earnings?
What happened to the promised audit that turned into fully disclaimed compilation?
Who got the 62 million practically free shares last August?
What happened to the broker/dealer investment?
Why has there been no Annual Shareholders Meeting in decade?
Why can't company disclose name/location of its European subsidiary?
What happened to the HYIP that produced $88 million of profit in one month (after $80 million of compensation to HH/SP)?
Why did company go dark again on OTC Markets?
I think the answers are self evident.
Company would know by now if there is a private stock sale closing today. Lawyers would be preparing closing documentation.
How is the money arriving -- check or wire? Let me guess -- SWIFT. Herzog promised (and defaulted on) $36 million two weeks ago. Surely, $1 million is trivial for company earning $88 million a month and having access to $1.0 billion or $1.5 billion of cash backed deposits from eager Hong Kong investor. Two weeks is plenty of time to have cash ready in U.S. bank. No HSR or other filings needed for simple $1 mm closing.
Either way, Company needs to make PR today.