[LAWSUIT TIMELINE]
Hi everyone, I'm a new poster although I've been following the stock on this board for awhile now.
DISCLAIMER: I do own stock in this company. With regards to the lawsuit I wanted to provide an abbreviated timeline for those interested. To be clear, I make no claims what so ever. It is possible I could have made a mistake in the below info even though I have put some effort into this and hope it is acurate. If you find an error please let me know in your reply.
2007-05 - Platinum purchased $750,000 of convertible promissory notes ("Notes") from LBSR. In connection Platinum received warrants to purchase 1,153,846 shares of LBSR common stock at an initial exercise price of $0.75 per share.
2007-05 - Alpha Capital purchased $650,000 of convertible promissory notes. (from who? LBSR or another investor?). In connection Platinum received warrants to purchase 1,000,000 shares of LBSR common stock at an exercise price of $0.75 per share. Alpha also purchased warrants to purchase 501,923 shares of LBSR common stock at an exercise price of $0.75 from another investor, Enable Growth Partners, LP ("Enable").
2009-08 - 2009-11 Platinum purchased $250,000 of additional notes from LBSR. In connection Platinum recieved warrants to purchase 50,466,400 shares of LBSR common stock at an intial exercise price of $0.005.
2009-08 - 2009-11 Alpha Capital purchased $450,000 of additional notes from LBSR. In connection Platinum recieved warrants to purchase 135,300,400 shares of LBSR common stock at an exercise price of $0.005.
2009-05 - Alpha Capital purchased $550,000 of additional notes from another investor, Enable Growth Partners, LP ("Enable").
2010-02 - Platinum purchased $260,000 of additional notes from another investor in LBSR. Platinum also purchased warrants to purchase 692,312 shares of LBSR common stock at an initial exercise price of $0.75 per share.
2010-03 - Platinum purchased $386,861 of additional notes from another investor in LBSR. Platinum also purchased warrants to purchase 29,974,806 shares of LBSR common stock at an intial exercise price of $0.005 per share.
2010-04-23 - LBSR issued 76,400,000 shares of common stock for consideration of $0.002 per share, to pay a portion of accrued salaries.
2010-05-11 - LBSR filed Form 8-K. (http://www.sec.gov/Archives/edgar/data/1172178/000108503710000182/f8k051110.htm)
LBSR disclosed the issuance of the 76,400,000 shares of common stock for directors, officers and employees for compensation.
2010-05-27 - Platinum duly submitted a request to covert a portion of its note into common stock. LBSR failed to honor conversion requests constituted an event of default under the notes.
2010-06-04 - LBSR filed Form 8-K. (http://www.sec.gov/Archives/edgar/data/1172178/000106299310001927/form8k.htm)
"...On June 1, 2010 we were notified by the collateral agent for our secured lenders that the notes we issued on May 11, 2007, August 28, 2008, May 21, 2009 and August 14, 2009 are past due and in default. Default was triggered by our non-payment of amounts due on or before June 1, 2010.
The secured lenders have given us notice that the notes are now due and owing in full and demand that we make full payment of all principal, interest, liquidated damages and all other sums due under the notes. The amount due is a minimum of $3,500,000 but the lenders may demand a higher amount based on their calculations of amounts due plus accrued interest and penalties. ..."
2010-06-04 - In the plaintiff's complaint (pg14, filed 2010-08-26) Briscoe is quoted in an email to an investor: "...We are talking with several significant investors, and joint partners. ..." "...we think we can get the funds to retire it..." - I remember reading this email somewhere before...
2010-06-29 - Letter Agreement between LBSR and Northern Dynasty. Northern Dynasty agreed to advance to LBSR funds to redeem and repay the Notes. LBSR sold 60.7 km^2 in consideration for both a $1,000,000 cash payment and a convertible loan from Northern Dynasty in the amount of $3,000,000.
2010-07-01 - LBSR repurchases the notes for principal plus interest. Plaintiff's Complaint (pg14) (http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54572795)
"43. ...Platinum and the other noteholders, rather than continually litigating over LBSR's violations of the Notes, entered into an Agreement dated July 1, 2010... ...whereby LBSR repurchased the Notes for principal plus interest."
What a bunch of nice guys! ;) Was LBSR obligated to tell them where they got the money? Did Platinum & Alpha not think to ask? Briscoe was open with investors that he was looking for joint venture opportunities.
2010-07-08 - LBSR filed its Form 8-K disclosing the letter agreement with Northern Dynasty. (http://www.sec.gov/Archives/edgar/data/1172178/000108503710000236/ex10-1.htm)
"(c) it shall cooperate with Northern Dynasty in any negotiations with the Lenders and shall keep such negotiations (including negotiations between Liberty Star and Northern Dynasty) confidential, but Liberty Star shall be permitted to disclose the terms hereof under applicable disclosure laws and, prior to such disclosure, Liberty Star will provide a draft news release to Northern Dynasty for its comment."
LBSR was not allowed to disclose the contents of the negotiations with Northern Dyanasty to Platinum & Alpha who had days prior received their payment.
2010-07-13 - LBSR filed Form 10-Q that noted the issuance of 76,400,000 shares of common stock. Note 6 (http://www.sec.gov/Archives/edgar/data/1172178/000106299310002289/form10q.htm)
2010-07-29 - Platinum duly submitted a notice to exercise a portion of its 2009-08 warrants and requested delivery of 18,604,177 shares.
2010-08-11 - LBSR filed a Form 8-K stating the cancellation of the 76,400,000 shares of common stock and granted stock options to purchase 95,500,000 shares of common stock at an exercise price of $0.038 per share expiring 2015-08-10.
2010-08-25 - The plaintiffs filed a complaint here: (http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54572795)
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