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The KERP charge has not been paid. If it had been paid, there’d be a line item on the cash flow sheets, and there are none.
In order for the KERP program requirements to be met, the secured creditors and the DIP lender would have to be paid in full in cash first, and they have not. That would require the SISP to have resulted in a bid of over $40M, and they didn’t get a single bid for anything. The proceeds from the liquidation were just over a tenth of that.
Had their been a transaction so lucrative, it would be directly documented in the monitor’s reports and court motions and orders. There’s no such thing.
Give it up or show the line item for the KERP and the payment in full of the secured creditors.
Well, there was at least a few PR's touting the merger, or whatever it was. There's not a single financial report from that time frame on OTCMarkets, haven't looked for any updates to their state corporate documents to see what there might be.
I think it was a Miramar Group scam, myself, but there may be some legitimate or legitimate looking paperwork for it. There are a lot of OTC scam companies that are legal in the eyes of the law that don't do anything other than issue fluffy PR's and sell stock.
The financial reports prepared by the company do not list them as a subsidiary, so, they aren't. Were Jason to claim that, all it would take to refute would be LDSR's own documents.
Except in the financial statements prepared before Jason acquired the shell had them listed as a beneficial shareholder, as well as that horrible convertible note. If anything, Jason's due diligence was severely lacking.
I think they've been a bit "asleep at the wheel" when it comes to that decade old "merger."
I think Jason stirred things up thinking they were long gone.
I think Alessi and/or somebody in or from the Miramar group got wind of the lawsuit filed, did some quick math to figure out what 1.5B shares might get them, and decided to dredge up the "merger" company and a representative.
All just opinion, of course, but I wouldn't put it past the people mentioned in the last statement. Once thing that is true, those shares weren't harming anything, at least not in the near term. They were held by the Chinese company, so they weren't floating around in the market. That is now a near term possibility.
I know that. The minimum subscription in the S-1/A is 200 shares. That's what I'm referring to.
LOL!
The "assets" include that "estimate" the company prepared for the plant before it was liquidated with the other assets for $4.34M. Too bad it didn't work out.
There's actually way more than $80M once you add up all the obligations that are ahead of the shareholders in getting a recovery.
The excerpt I posted was from the 10th monitor's report, and is current. Y'know, the 10th monitor's report, the one the monitor prepared to address all this "shares are safe" nonsense? They directly summarized the remaining debt and obligations that would have to be paid before shareholders would get a penny, then stated that shareholders get nothing?
Read the S-1, it will contradict most of your assumptions of this. They expect to market stock in every way imaginable, including to retail investors through brokers. And the "2k minimum" is really 200 shares, a whole $1 worth.
The shares will absolutely not be restricted. That's why they did an S-1 in the first place, otherwise they'd have pulled one of those Rule 144 sales off, with the shares automatically being restricted.
There's a reason for the "broken record," and that's because it is fact that the company is selling stock for $0.005, and have 1B shares to sell. Why would anybody buy shares for more than that? It smacks against logic.
Just remember that, though the offering stock and warrants have been delivered to AGP, it is still "working in" to the market. Even if the volume from the last few days was all "offering stock" being sold (and it wasn't), it is only a fraction of all the stock from the offering. Also, the warrants will regulate the PPS if they ever get into the money, whoever owns them will likely convert and sell immediately when their price target is met. Don't be sitting on the edge of your seat expecting a fluffy PR or new video of ringing a bell to shoot the price up. Ain't happening.
Not saying that none of it went into "strong hands" (LOL, couldn't help myself), but rather that the hype about how well the road show went apparently wasn't true given the offering price, AGP's discount to that price, the full warrant coverage, and the low demand for shares since it hit NASDAQ. Good news is AGP seems to be willing to pace the flow of the shares and are happy in $3 range +/- a quarter or two.
Sheesh.
The company registered 1B shares of stock to sell at a fixed price of $0.005. Anybody that wants stock can just buy it from them cheaper than it sits in the OTC today, and why wouldn't they?
Chapter 11 was dismissed in favor of Chapter 15, so the company remains in bankruptcy proceedings and those proceedings will conclude in the US once the Canadian subsidiaries are dispositioned. The liquidation of the assets have resulted in the company being an empty shell with over $80M of debt remaining. The proceeds from the liquidation and all other sources will only give 2 secured creditors a small partial recovery, the remainder get nothing, the unsecured creditors get nothing, and the shareholders get nothing, clearly stated by the monitor in their reports to the court.
Quite a few extended gaps in employment, too. Looks like a real jewel.
Actually, I do, but that's beside the point. That last trade, it's bid and ask, number of shares (111, LOL), and price of $0.0038 is pretty easy to see. A 40 cent trade. Must be a whale trying to drive the price up to that 10 cents a share.
Last trade was 111 shares @ $0.0038. That's about 40 cents. The share price before that was $0.0035, and the bid for that last trade was $0.0035. That's some big time paint applied to the tape for the closing price.
Did someone really make a 40 cent trade to paint the tape up 3 ticks?
LOL
That move from $0.17 was on the OTC, where hype and fluff result in absurdly overpriced stocks. This is on NASDAQ, performance counts.
Please reread. That explains why there are consultant fees in the forecast, and nothing more. It was not a forecast of the sale of the company, that's a false narrative to sell stock in an empty, debt ridden shell.
After that 9th report, the 10th and 11th state directly the company has not sold, nor do they expect it to sell, since nobody in their right minds is going to take on the massive debt of a shell that has no source of income. That would be stupid.
Nope, that's false.
Still have shares in your account?
If so, the company has not sold.
Are the shareholders responding to an offer of tender for the shares?
Nope, so the company is not being sold.
The monitor was explaining a line item on the forecast sheet for cashflow, namely the costs of consultants, and nothing more.
Still have shares in your account?
Yes?
Then the company has not sold.
Still have shares in your account?
Yes?
Then the company has not sold. Period.
A JV with a local HVAC installation and service business. What in the world would ANDI have to contribute to a JV with an HVAC contractor? This doesn't give ANDI any particular inroads to the ongoing business of that contractor, they'll continue as they were, just to whatever side endeavors this "venture" is going to do.
I smell another pump, wonder who wants to sell stock?
Still have shares in your account? That means the company has not been sold. They'd have to buy the shares to buy the company. That's how it works.
The monitor has stated directly that no transactions have occurred nor are anticipated involving the shares. They'll be cancelled once the bankruptcy proceedings are concluded.
And within that process the shareholders have been addressed. The monitor has stated the proceeds from all sources, including the liquidation of the assets, only provide a small recovery to 2 of the secured creditors. The rest get nothing, the unsecured creditors get nothing, and the shareholders get nothing. They stated that directly so that shareholders know they're going to lose 100% of their investment in thist stock.
You are overlooking the obvious state of the company at the end of the CCAA when it transfers back to the US bankruptcy court:
Empty shell
Over $80M of debt
No operations
No sources of income
The only narratives that lead to outcomes other than remaining debt and equity (the shares) being discharged by the judge and the company ceasing to exist, as has happened every time with a company in that state, are patently false.
I've been watching for more disclosures, something appropriate for him to be able to sell stock. I wouldn't be surprised if the CEO didn't believe all he had to do was buy a shell, RS out the old equity, and then just start selling in the market, figuring out later that the SEC was going to want audited financials for 2 years in order to do that (that pesky thing about making sure investors know what they're buying into). Financial reports would likely show this company isn't worth investing in.
Well, again, it isn't up to the judge to go perusing through websites, both parties will present their cases, and the judge will use the law to choose a winner. Jason, as the plaintiff, must first present a compelling case, something beyond "I tried to find these guys, but they didn't reply," that the shares are not owned by this other company even though the corporate financial documents say they are. That isn't easy since the "merger" is so dated and LDSR was adrift for a few years before being commandeered by Alessi.
This is only a "big deal" if Jason loses his case, those shares are currently not floating around in the market impacting the "supply" side of supply and demand when some new article on blockripple inspires people to move stock. Put another 1.5B shares in the hands of this Chinese company (or the unscrupulous lawyer who has set up as their representative), and those shares will be sitting on the ask waiting for someone to stumble in.
Well, I don't think the judge will look @ Bloomberg for information.
Somewhere on the board I posted that I believe the whole thing back in 2008 was the typical Mirimar OTC charade scam, merging in a company from "over there" and pumping out PR's to sell stock. The problem is when the scammers do stuff like that, they do tend to draw up legal looking documents that might pass muster for an action like that which might show that the merger and the share exchange did, indeed, happen. I wouldn't put anything past that group or any lawyer that was ever associated with them to dig out stuff like that to present to the court. The other thing is it is Jason's burden of proof, and those shares have been on the books for a few years. Just reconfirms that he really mucked this shell acquisition, it was a mess with this issue and the toxic note, surely not the kind of CEO to invest in.
One other note, the company's lawyer can defend this in court, not sure why we're saying anybody from the company has to show up.
20.7M shares sold @$0.0005 and $12 spent to show the close @$0.0006.
Nothing like it.
Hubei Chuguan merged with LDSR in 2008:
http://averagejoespicks.blogspot.com/2008/12/land-star-inc-ldsr-completes.html?m=0
And here's some history of Alessi getting control of the shell:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141899178
These proceedings will pay a small fraction of the secured debt, and none of the unsecured debt or other liabilities.
Take heed, shareholders get nothing, and will lose 100% of their investment in this stock.
https://www.investopedia.com/ask/answers/06/bankruptpublicfirm.asp
LOL
"Massive speculation!"
No, it isn't speculation at all.
This company is an empty shell with massive debt that it has no operations nor sources of income to pay.
What happens to companies in bankruptcy proceedings with massive debt and no money to pay?
The judge discharges the debt and the equity (the shares) and the company disappears. Every. Time.
"Safety" isn't found in the PWC documents, they've been very clear, all anyone needs to do is read the last 2-3 monitor's reports. All the "safety" is constructed through little snippets, parses, and word games while ignoring the whole of the documents and their direct meaning, and it's all done in order to shift the stock onto new bagholders.
Shareholders will lose 100% of their investment in this stock.
Only 80k warrants moved yesterday, though that may be a function of the PPS. Still, while the math is easy to see how they can profit though shares appear below their cost, it is also hard to see if demand for the warrants is so low. Of course, that reflects a lack of confidence in the PPS going up to where those warrants are "in the money."
The move to $3.04 was nothing more than the typical OTC play moving on hype and fluff. And, just like those typical OTC plays, it didn't stick. All this history of what the PPS did in its spikes is irrelevant, and real investors, people who do proper due diligence that includes consideration of what the company actually achieves, know that.
The company is on NASDAQ, for now, and will have to perform. There's no way a fluffy PR about the latest "partnership" program the CEO has found and filled the forms out for will move the stock appreciably. It will be a rocky road until real revenues (above those that were purchased in the SC acquisition) and growth are delivered. Until then, enjoy the free haircut the CEO has given the faithful longs.
And why would anybody care what the price action was? It's currently less than 1/2 of it's post-RS price now that the dilution has begun. Those that might have bought some of those shares @$17+ are probably wondering where all the institutional investors that were going to run this up to a $2B market cap are.
No, that note was not included, the only notes included (along with the associated equity purchase agreement and security purchase agreement) were the newer ones entered into in February of last year.
There are 2 listed as outstanding as of the last quarterly, and only the 2nd of those was included in the restructuring:
https://backend.otcmarkets.com/otcapi/company/financial-report/204208/content
Yeah, and as has been stated several times, the NASDAQ investor will check the books, and VERB's are horrible. The "disruptive tech" stuff is fluff made for the OTC, there'll have to be some real live revenues, growth, profit, for VERB to stick on NASDAQ. I've seen several waiting for a new round of hype/PR's, but that dog won't hunt on NASDAQ.
Interactive video is not nearly new, it's been around for years, way before the CEO tried out for American Idol.