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There is no default judgement and he's not hiding. Do you seriously think someone can avoid a service if the lawyers are really interesting in giving it to him? Dog the bounty hunter would have given it to him within 6 hours.
I would also add GRNF is not a party to this suit.
Automatic triggers cannot be avoided. The issue is what happened when they started looking deeper.
That makes some sense given GRN Funds is their parent company, and they apparently write checks for PBC in certain cases. It's pretty much a given PBC invests with GRN Funds. But it's a little confusing since PBC or Pacific Processing itself is not FDIC insured, right? I didn't think MRB funds were eligible. So, only the accounts they transfer deposits to are insured, not the clients specifically?
I'm not defending anyone. I'm saying you got suckered, but not by who you thought.
I would contend that the con was not perpetrated by JC, but by social media/internet posters. It's easy to become victimized by anonymous posters sowing doubt.
JC has not yet actually profited from this venture to my knowledge. Is that not the fundamental basis of a con job?
I'm not saying I know what happened. But it seems to me that this is far more plausible than the other scenarios thrown about.
Technically, they froze any activity involving CANN withdrawing money. I think they still have ability to make deposits.
First of all, we can use the term BANK with PBC as an expedient way to keep it easy for people to follow. We all know this is not your typical retail bank and they aren't registered as such. They don't deal with the public and their deposits are not insured. They offer money management services to high risk companies that MIGHT incur additional federal or local governmental scrutiny. Can we agree with that?
What I'm trying to get across is deposits with PBC are owned by PBC. There is no paper trail of CANN money that matters, other than deposit date and withdrawal date. What happens to the funds in-between that time is relating to PBC assets, and is none of CANN's business. What does it matter to CANN what account their withdrawal was paid from? Maybe it looks unusual, or maybe not. I'm no expert on this type of business and I doubt anyone here is either.
If the govt told PBC they're investigating CANN, then that's it. End of story. CANN can whine all they want, but PBC is just following the law.
Honestly, this is why the frozen funds scenario makes the most sense. CANN even acknowledged they were told the transfer was frozen by FinCen. I can't understand why after they were told FinCen was involved that they still insisted on withdrawing the money. PBC had no legal ability to do so at that point. And why do some people here think that this scenario is a lie? What's the evidence of that?
Sometimes the truth really is that simple. It's right in front of your face.
Do you think PBC is the only client that has deposits with them? Once funds are deposited by their clients, they become part of a pool of deposits owned by PBC. Those deposits are typically used for investments, loans between banks, or whatever PBC thinks will make them a profit. They could pay a wire transfer from that pool or whatever account they wish. This 1M payment is nothing to them in terms of their pool to draw from.
There is no lock box with CANN's name on it. It's PBC's money until CANN wants it back. Just like there is not pile of cash sitting in the vault in the bank of your personal savings account with your name on it.
Pacific Banking Corp operates as a trade name under the entity of Pacific Processing. Any official documents, taxes, registrations and whatnot would be under that name, not PBC. (If I understand that right.)
Personally, I'd rather some more common sense explanations. The fact is most of what we've seen posted here the last few weeks is nothing but theory and opinion. Mostly worst-case scenario stuff. And mostly inaccurate, IMO.
IF GRN Funds sells more than a couple million shares, they would no longer own the company. They only have a few million share buffer before they lose majority. Kinda defeats the purpose of buying the shell in the first place. I find that not plausible. Especially since JC is no longer the CEO there.
That leaves the obvious. They're legit. The reverse merger is and always has been the the objective.
lol. I'm not here to mislead anyone. If I make a mistake, I'll admit it. Tell me what I got wrong. Please provide facts, not theories.
Why do you say he was avoiding the papers? Seems more a confluence of events that prevented it than him going into hiding, which is ridiculous. His office tower was closed from the virus shutdown. His home address is known, yet they served the wrong JC at another address and then did nothing for months thinking they already gave it to him. Did you expect JC to call up the plaintiff's lawyer to tell him where he is? You can't just say this is all on JC.
I am very positive PBC/GRN/JC has a lawyer or law firm looking at this suit. If the course of action they took was what the legal team recommended, who am I to argue?
This is hypothetical. But they may not be allowed to discuss an ongoing investigation. I don't know if the accounts were frozen as some suggest. I'm not saying they were. There's no evidence of that besides some twitter posts. Is it possible? Sure. Is it possible the money was misappropriated? Sure.
I don't know the reason they didn't fill the transfer order. I don't know anything about this case at all, other than what a plaintiff alleges. And we all know that lawyers tend to forget to mention things that might hurt their case.
That's not exactly proof the accounts weren't frozen by the government. If FinCen doesn't have power to go to a judge to freeze an account, do you think it's plausible FinCen alerts the appropriate agency when they detect an issue? And that the alerted agency does have the power to freeze accounts? FBI, DEA, Homeland Security, Treasury/IRS. Any of these could get a judge to freeze an account.
They have had no need to explain anything yet. All they've been subjected to is a motion that doesn't change anything they've already done. Put the CANN assets on hold. From what some have said, that happened well before the court ordered them to.
The judge has heard exactly one side of the story thus far. I'm interested in what JC or PBC execs has to say. That will come in trial, if necessary. Until then, it's really not factual. Just alleged stuff that may or may not have happened for the reasons they think it did.
Of course. Yet, they have been operating as a financial services company for years. Either something's wrong with your analysis, or they are a complete fraud. It'll be fun to find out which is correct, yes?
Uncertain. Though I'm fairly certain it's not anything you have claimed it is.
A reverse merger, in the traditional sense, merges all the assets at once. These LOIs they gave out were just PR stunts, IMO. The merger must include all the assets. If something is not right with one, then it could hold up the rest. I think that's what we've seen. Though I couldn't pinpoint what the issue is.
Private companies that go public have enormous benefits from utilizing shareholder equity. If the company is successful, investors will willingly finance their operations, for a nice return. Why would Microsoft go pubic? Apple? Amazon? None of them needed to. They all did just fine before then hitting the markets. The answer is the equity market is significantly more efficient at growing value than private funds.
That is an issue, for sure. They should have liquidity to cover withdrawals. Given the market crash at the time, maybe they got caught short. We don't know for sure what happened. But they are free to use those deposits to generate revenue however they wish. It's not held in a vault with the depositor's name on it. And remember, this is not a traditional FDIC bank. They don't have the same cash requirements.
Sorry, meant Pacific Banking Corp. They have at least 10M verified deposits, as you say. Most likely 100x times more than that if the rumors and contracts with Cannatrac are correct, and there's no reason to believe otherwise. PBC makes money off of deposits on hand by investing them and with transaction fees, as all banks do.
Again, research RMs. Private companies don't issue shares to merge existing assets to the new public corp. They just transfer the assets they already own. They only issue shares to buy assets after they've gone public or to finance operations. There is zero chance of a R/S at the current O/S. No need to bring that up just yet.
I don't believe you fully understand what is going on here.
1. Reverse merger. Look it up. An R/M occurs when a private company (GRN Funds) buys a public shell company (DCGD), then mergers the private assets into it. The new company thus becomes, in this case, GRN Holdings. This is not unusual or suspect. In order to accomplish this, the private holdings must be fully audited (the DD) for shareholders to analyze. It's law.
2. The companies are very real. There's only one you could consider developmental, and that's Squad Drone. The others are doing business and making revenues. We know for a fact that Pacific Merchant Bank brings in millions of deposits. The others aren't in much dispute either.
3. Soulshine, and most of the other cannabis companies need capital. The cannabis space is a tough place to get funding. GRN, using private investors, get's it done. That's why they partnered. It's their specialty. There are several other cannabis investment firms that do the same thing. Soon, GRN will use public shareholders as well as private investors to grow their company. That's a good thing.
Hemp CBD extract is not banned. Hemp products are not banned. You can use hemp CBD freely in tinctures, creams and lotions. Putting it in food or drink is not allowed, but is under evaluation. I would anticipate a ruling on allowing that sometime this year or next, as there is no evidence it's harmful. Hemp products such as clothing, rope, paper and building materials have no restrictions whatsoever. Soulshine is involved in all of this in some form.
To say Hemp makes no money is a little, how do you say? Wrong?
Jeez. I joined ihub to get information and discuss relevant and factual information. Not seeing much of that going on anymore. Kinda pointless to even post here.
GRNF isn't involved in any court cases. Why would the company inform us?
You're gonna have to provide some more info about who jumped ship. Which advisors have resigned? Or were you talking about some other boat?
lol. Were do you see bailing? There's no mass exit going on. Volume is slightly above average. Price is down 2%. Trading looks the same it's been all week.
As far as I know, he doesn't own any shares personally unless he bought some on the market. Never understood the share selling scheme theory.
No. GRN Funds bought the shares. Read the 8k.
Question. If JC is out at GRN Funds and it's now run by Richard Hawkins, isn't he effectively in control of GRNF now? GRN Funds owns the shares, not Justin Costello. We'll see an 8k soon announcing a change in GRNF CEO?
Does this really change anything regarding the mergers? The subsidiaries haven't disappeared, just JC. I kinda see this as a positive, honestly. JC hasn't really instilled confidence lately. Maybe RH can? Not trying to spin it, just would like to know what the path going forward is. I don't feel like it is changed any with this news.
So this is the funniest thing I've heard in a while. For months we've been hearing about how JC is a scammer, with no assets, no money, nothing. Just wants to sell his shares to unsuspecting dupes on the promise of fortune. But now, we have this lawsuit where a legitimate company could potentially take ownership of his shares (remember, he can't a pay a potential judgement because he's a scammer and has no money. At all. Nothing. Just these GRNF shares that he paid 300k for), and the worst possible outcome would be that our shares are awarded to CANN, they go public, and our shares are actually worth something? lolol. CANN has at least 8M of cash that we know of. That's a lot more cash on hand than a lot of pot companies in California, I'll tell you that much. I've been investing in them for years.
Win Win. This is awesome!
Of course, this is all nonsense. But fun to speculate. lolol. Good night GRNFers.
This was a motion, not a trial.
What billionaire, or I'll settle for well-off person if you disagree with that, represents himself in court? He's not hiding in the mountains somewhere. They could just wait outside his apartment if they wanted to. The stay at home order I'm sure have complicated things some. Or why can't they just serve GRN Funds' lawyer?
So much weirdness going on here. Why do you think CANN's law firm withdrew? Were they incompetent? They did serve papers to the wrong Justin Costello, so I'm sure that cost them a lot of time to actually find and serve the actual defendant. Or they quit because they saw this case was frivolous. Possible.
His prior is driving with a suspended license. Yikes. lol And you know that he has no money how? There's evidence all over the internet that he in fact does have money. He's been a public figure for a while.