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Did you also give yourself a $220,000 bonus to buy shares like the CEO did?
With loans already recorded at 59% interest what kind of rates do you suppose a lender demands that is willing to use stocks in a triple zero OTC Pink and nearly bankrupt company with "horrendous" debt as collateral?
ROTFLMAO!!!
Since there wasn't the cash on hand to cover what Schadel has spent, the speculation is that Schadel leveraged his personal purchases of no bid shares to get personal loans. Chances are, we will see loans from the CEO with amusing interest rates.
Read the quarterly report and Schadel's blog. Schadel mentions $3.5 million, but that includes $500,000 added in 2015. The rest is late and he has paid only about $200,000 toward the cash payment arrangement per the now defunct agreements.
The debt is not paid. The CEO has made that abundantly clear on Twitter. Now, he has voided the cash payment FORBEARANCE agreements, which means the notes are back at square one. Schadel is trying to make it look like he can strong-arm the note holders, but all he is going to do is piss them off. They made forbearance arrangements, but Schadel thinks he can treat them like chumps? It's about to get real.
It's not news to get excited over either. All things considered, it is bad news despite how much people want it to mean something good. The AS reduction is just a stunt because note holders were converting despite agreements that involve cash payments from Schadel. More than one note holder is converting, so what does that tell you? Schadel is behind on payments with at least a few note holders and now has nullified all agreements with this AS reduction because part of every agreement is a reserve requirement to conversions. With 7.41B OS and now 8B AS with $3 million in late toxic obligations there is effectively no reserve. It's a nuclear option that will only lead to self destruction. RS and/or BK on the way.
Nothing but dilution. $3 million in late toxic obligations and the CEO pulls an AS reduction stunt in violation of note holder agreements. I'm sure that will go over real well.
No note holder agreements for reduction in reserve and that is per the CEO. Ryan Schadel is being reckless as ever. Either the AS will go back up or there will be more lawsuits. Bankruptcy either way.
What a regurgitated mess. No AS reduction actually happening. No buyback actually happening. Note holders are diluting every chance they get. The CEO bought shares by diverting hundreds of thousands of dollars in company cash to his personal account in the form of bonuses to create a promotion. The company is severely in debt and almost all of it is late. Branches are being liquidated. Million of dollars in taxes are owed to the IRS. LTNC is a train wreck.
So quick to gloss over the negative:
- AS reduction up to 12 billion (filed yesterday per CEO?)
- CEO bought 2.7 BILLION off the open market and retired 700 million of those shares
- Remaining 2 BILLION are locked up and he can only sell 1% every 90 days
- Skillcorps app has been presented and finishing touches are happening
- Relationship between LTNC and TSGL
- Reduction of branches for cash to eliminate debt and buyback shares
- Over $800,000 off the total toxic debt since the December CC
Labor SMART, Inc. Extinguishes $800,000 in Convertible Debt https://t.co/haS1P8HjgM via @YahooFinance $LTNC
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 24, 2016
Gotta' sell shares, somehow.
My dislike for Schadel's behavior runs deep. Good luck with whatever you've got going on, but I intend to remain a vocal thorn in his side until he goes away or (lol) actually saves this disaster of a company.
You should wait for no bid. Buying now is just donating to the Schadel Charity Fund.
Let's see if .0003's come around.
There are no "investors" here. Dilution central.
Promotion in full swing. 1 billion volume today?
As must as I believe that LaborSmart is doing great on the ground
Positive financial indicators would be good great help too.
Pay real close attention, 'cuz this can be an elusive concept:
Note holders don't volunteer to lose money. The reserve requirement is in full effect, so that AS reduction crap Schadel tried to pump with last Friday was just another slimy attempt at fooling shareholders.
Don't believe me? Fine, maybe coming from Ryan Schadel will do it for you:
@rca0_0 @IFlipTrips going to have to renegotiate them
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 27, 2016
THAT is exactly right. All Schadel has to do is say "Whoops! The note holders won't allow it. Darn, I tried."
And he will be hailed as the "most honest CEO on the OTC".
Ryan Schadel never said that. C'mon, people, at least stick with the facts even if they are selective.
No, you were right. Schadel has used promoters.
promoters? What promoters? Been a long time since I've hired a promoter. We don't need or want a promoter.
@rca0_0 promoters? What promoters? Been a long time since I've hired a promoter. We don't need or want a promoter.
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) January 15, 2016
Sparkly rainbow unicorns, bud. Toxic note lenders do not speculate. They make sure they will get a return for their capital. They do so with interest on top of fees on top of conversion discounts. Ryan Schadel is a loose cannon and doesn't have it all together, so note holders want their cut before things get completely sour. It's not just one more holder converting, btw.
This is a trip zero stock that is severely in debt and shrinking, but we're supposed to believe professional lenders are desperate for a cut of LTNC because of all its potential. Sparkly rainbow unicorns.
Sparkly rainbow unicorns, bud. Toxic note lenders do not speculate. They make sure they will get a return for their capital. They do so with interest on top of fees on top of conversion discounts. Ryan Schadel is a loose cannon and doesn't have it all together, so note holders want their cut before things get completely sour. It's not just one more holder converting, btw.
This is a trip zero stock that is severely in debt and shrinking, but we're supposed to believe professional lenders are desperate for a cut of LTNC because of all its potential. Sparkly rainbow unicorns.
Obviously, you're talking about Iconic Holdings:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120480743
Except, didn't Schadel say they withdrew their conversion notice? Oh, yeah...he said EXACTLY that:
@IFlipTrips fighting it the whole way & just 2 b safe I'm going 2 file Monday w/ Nevada 2 reduce AS by the full 12b, amongst other things
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 27, 2016
@rca0_0 @Drftjnkies as I said earlier in this thread, that note holder withdrew their conversion attempt
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) March 1, 2016
He didn't. That is, unless you have a link to a filing.
lol...the latest tweet was not "up to 12 billion", it was exactly as follows:
fighting it the whole way & just 2 b safe I'm going 2 file Monday w/ Nevada 2 reduce AS by the full 12b, amongst other things
@IFlipTrips fighting it the whole way & just 2 b safe I'm going 2 file Monday w/ Nevada 2 reduce AS by the full 12b, amongst other things
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 27, 2016
Oh, NOW that's what is going on. Schadel said EXACTLY that on Twitter this weekend except he had to munch on his foot when he realized that an AS decrease does not happen when note holders expect a reserve for conversions. Today was forewarned. People should have listened.
Down, down, down, down, down....
I have to hand it to Schadel on this one. He actually warned shareholders over the weekend that things were headed south and STILL people wouldn't listen. Sparkly rainbow unicorns.
Riiiiiiight. He put a bid in for nearly 1 billion shares at .0001 and he didn't expect the price to rise as he kept putting in higher (and substantially smaller) bids. That's right up there with when Schadel said he "underestimated" the impact of toxic notes when he raised the AS from 1 billion to 20 billion. lol
Honestly, why is this a question? Schadel also bought at .0007. He also bought at .25. He also bought billions at .0001/.0002. The man can't manage money, so I don't know why it's so mind blowing that he buys shares except that he doesn't know how to properly reinvest into the company.
He gave himself a $220,000 bonus when the company had only $130,000 cash on hand at no bid and then two months later announces a stock buyback program while liquidating branches and $2 million in payroll taxes payable sits on the books with $3 million in late note obligations. Financial management is clearly not Schadel's talent, so what he chooses to buy at any given time is a weak metric unto itself.
lol...CCNI seems to have won. LTNC CEO on defensive!
@rca0_0 @DanielGager @Gilame2 @SantoBuffalo42 yes
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 28, 2016
Okey dokey. I addressed your point quite directly, but in as much as it's fashionable to ignore Schadel's admission that CCNI is on the warpath despite all the promises of an obviously failed lawsuit, it seems also fashionable to ignore Schadel fleecing company capital to make personal stock purchases instead of doing an actual stock buyback.
Trip 6...lol
Oh, yeah. That's EXACTLY what happened. lol.
Maybe the arrangement that was "unbeknownst to Command Center" was an issue because, oh I don't know, it was "unbeknownst to Command Center". And the error in the post was not that the payment arrangement was (WAS) in question, it was the assertion that CCNI somehow gave back the note back to Schadel. Geez, READ, people!
Of course the source of Schadel's money is irrelevant. Why on Earth would we scrutinize him fleecing company capital? That just wouldn't serve a promo, now would it?
Schadel is using company funds to buy personal stock. The $220,000 bonus he gave himself in Q3 before buying up .0001/.0002 shares is abundant evidence of that. Schadel does not have skin in the game. That's something you schooled me on many moons ago. If he were ever serious about any kind of buyback he would have used the funds to initiate a genuine company stock buyback. Instead, he buys stock to add to his personal asset portfolio that he has, no doubt, leveraged for additional loans. That McLaren he got in December is yet more evidence of his self-serving, irresponsible behavior, but I'm sure he justified it in his sophomoric view of "you gotta' look successful to be successful". Once again, the stock is at trip 6 for all manner of good reasons.
You do know that there is a lawsuit and counter lawsuit over the note, right? I have no idea where you got your info from, so let's start with sources on what you're saying about the note being returned when CCNI paid for that note. The fact is, CCNI has the note and Schadel is giving every indication that he lost his suit and CCNI is coming with a vengeance.
Your "rationale" is wrong. The form 4's inarguably show that Schadel has not spent anything near $1.3 million on stock purchases. Couple that with the fact that Schadel awarded himself a $220,000 bonus to purchase billions of shares while the stock was at no bid and the pattern is clear. So, when DD is sorely lacking enough to not reflect those important facts why should anyone take it seriously for its conjecture? Ryan Schadel has quite clearly announced that he is on the verge of losing everything. There is no other angle to it. If the financials are even remotely understood, that reality was already abundantly apparent.
I know it's painful, but it's right there from the CEO himself. BK is right around the corner.
lol...I understand the point is difficult to grasp for some, so I'll spell it out. In that Twitter exchange Schadel is admitting that he is no longer counting on the lawsuit to save him from CCNI, as if it was ever going to. Now he is delaying paying off note holders supposedly as a "strategic" way to hold off the hostile takeover CCNI initiated over the late note they purchased when he couldn't pay up. The other Twitter respondent mistook the strategy as a way to avoid bankruptcy, but Schadel had to correct him without stating the obvious. Schadel is trying to use the threat of bankruptcy to prevent a takeover, but it's as ridiculous as telling a thief to not take your wallet or you'll shoot yourself. It's comedy that only Schadel could take so seriously.
Here is the link again:
@rca0_0 @DanielGager @Gilame2 @SantoBuffalo42 yes
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 28, 2016
This stock sat at no bid for a year. No news. No movement. Nothing.