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and HRNF even warned that shareholders or regulators could take action against the company.
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OUR PREVIOUSLY FILED PRESS RELEASES DISCUSSED CERTAIN ANTICIPATED EVENTS WHICH FAILED TO OCCUR AND PROJECTED REVENUES FOR CERTAIN OF OUR PROJECTS WHICH MAY NOT COME TO FRUITION AND AS A RESULT, WE COULD FACE LIABILITY FROM SHAREHOLDERS OR REGULATORS IN CONNECTION WITH SUCH PRESS RELEASES.
Certain of our press releases issued within the past six months referred to the anticipated entry into distribution agreements for our MDSO, including our October 26, 2006 press release which stated that one of our partners would negotiate "eight additional" airing rights agreements, which may have misled investors into believing that we currently had one or many airing agreements in place, which we don't, as well as our October 23 and 24, 2006 press releases which stated that we believed we would close up to four airing contracts within thirty days (which now seems unlikely as we have not closed any airing agreements to date), and our October 9, 2006 press release which stated that we anticipated closing a network contract with an Asian television network on October 11, 2006, which contract has not closed to date. Additionally, certain of our press releases, including our October 30, 2006 press release which projected revenue of "over 12 million dollars" during the first season and over "thirty million dollars" over the next two years in connection with the broadcasting of the MDSO, which projections may not come to fruition, and which projections our management now believes were too aggressive as we do not currently have a distributor in place for the MDSO and there is no way to project with any accuracy the future revenues the broadcasting of such show might generate. If any investors purchased shares of our common stock based on our previous press releases, which may have led certain investors to believe that the closing of broadcast contracts on our MDSO was imminent and/or that we would generate substantial revenues from the MDSO, which we currently believe it is too early to tell, we could face liability for such purchases if those investors end up losing money on our common stock. Additionally, because certain of our press releases may have included aggressive projections, which may not have been clearly marked as estimates, we could face liability from market regulators in the future in connection with such press releases.
Pagnano has put out bogus info before, and appeared to have lied in its pinksheets initial info. In that pinksheets filing HRNF claimed it was not in default, but its own financials indicates it is in default.
HRNF also admitted it owes $1 million to the winning team, which it apparently has not paid.
....
WE OWE $1,000,000 TO THE WINNING TEAM OF THE FIRST SEASON OF THE WGL MILLION DOLLAR SHOOTOUT, WHICH IF NOT SATISFIED COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS AND FINANCIAL CONDITION.
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WE ARE IN DEFAULT ON NOTES THAT WE ISSUED TO THE WINNERS OF THE 2001 WORLD GOLF LEAGUE NATIONAL TOURNAMENT.
We entered into a Stipulated Injunction with the State of Florida, Office of the Attorney General in July 2003, regarding a settlement of our unpaid obligation to the winners of the 2001 World Golf League National Tournament. During the fiscal year ended December 31, 2003, we executed notes payable to the winners of the 2001 World Golf League National Tournament for an aggregate of $300,000 bearing interest at 5% per annum. The notes became due in September 2004, and the remaining balance owed as of September 30, 2006 of $280,081 is in default. As discussed under the heading "Legal Proceedings," an individual has sued us alleging that they are one of the winners of the 2001 World Golf League National Tournament holding one of the notes which is in default in the amount of $22,500, and such individual has obtained a default judgment against us in the amount of $22,500, which has not been paid to date. Other plaintiffs may file lawsuits against us regarding the notes. If this plaintiff, or other plaintiffs who may sue us, are successful on the merits of their cases, it could have a material adverse effect on our financial condition, liquidity and results of operations.
Lienholders agianst HRNF can sieze any assets they have
It looks like Pagnano will be doing his best to not have assets. Why do you thoink he runs this scheme out of his condo?
You can see all the judgment liens against HRNF at sunbiz.org
Look under the WGL Entertainment holdings or the World Golf League search headings.
Nope, PPS has dopped almost 97% since the reverse split.
Oustanding share count has gone up over 800% in that same time period.
Looks like another reverse split may be needed in weeks.
Try calling the Golf Channel - make sure you ask them if they would air a show where the company CEO refuses to pay past prize winners what HRNF admits they owe? You might be interested in the response. Be sure to be ready with the judgment lien info, too.
So Golf Channel says MDSO NOT ON SCHEDULE?
Maybe because of all the prize winners Pagnano's company has failed to pay.
The Florida attorney general should step in to protect consumers....or maybe the Federal Trade Commission?
The PPS is going a LOT lower
You can tell that HRNF is almost panic-stricken....putting out press release after press release to help them dump even more shares.
HRNF dilution is going up at an exponential increase rate.
Market cap again much too high
We all know how poor Pagnano's sales projections have been throughout his dilution history with this company.
LOL - they'll sell you all you want at the ask.
Then you'll be stuck holding overvalued shares that are difficult to sell at any price.
HRNF is obviously dumping hundreds of millions of dilutive shares and needs almost daily fluff press releases to get more gullible people to buy all the share being sold.
With a volume this low, there appear to be few buyers willing to pay these high prices.
HRNF - reverse split needed by May - once the share price drops to $0.0001 and the dilution is revealed to common shareholders.
Apparently pinksheets is still posting the huger warning about HRNF.
Will the SEC suspend trading to protect investors soon, too?
They sometimes do that when co's fail to provide disclosure to the markets, including timely financials. See the SEC's "Trading Suspensions" section to see how co's that behave similar to HRNF have been suspended.
Yes, heavy selling will be likely
and the dilution is rising exponentially once again
Lots of judgment liens against Heathrow
contact the Golf Ch. - ask how they can show something by a company that doesn't even pay its prize winners what is owed. All the huge judgment liens can be seen at sunbiz.org.
This are just two of them - there are many, many liens against HRNF.
Document Number J07900007260
Status ACTIVE
Case Number 06-CA-1380-15
Name of Court CIR CIVIL DIV SEMINOLE CTY FL
File Date 05/14/2007
Date of Entry 04/17/2007
Expiration Date 05/14/2012
Amount Due $39044.10
Interest Rate 11.00 %
Name And Address of Judgment Debtor(s) (Defendant(s))
THE WORLD GOLF LEAGUE, INC.
2139 WEST SR 434, SUITE 101
LAKE MARY, FL 32746
Document Number: P99000110953
FEI/EIN Number: 593617006
WGL ENTERTAINMENT HOLDINGS, INC.
963 HELMSLEY COURT, #107
LAKE MARY, FL 32746
Document Number: P99000110953
FEI/EIN Number: 593617006
...............................
Filing Information
Document Number J08900000257
Status ACTIVE
Case Number 07-CA-002716
Name of Court 18TH JUD CIR CRT SEMINOLE CTY
File Date 02/06/2008
Date of Entry 09/05/2007
Expiration Date 02/06/2013
Amount Due $74932.00
Interest Rate 11.00 %
Looks like massive dilution happening once again
unfortunately most longs are being conned by the stock promoters.
contact the Golf Ch. - ask how they can show something by a company that doesn't even pay its prize winners what is owed. All the huge judgment liens can be seen at sunbiz.org.
This is just one of them - there are many, many liens against HRNF.
Document Number J07900007260
Status ACTIVE
Case Number 06-CA-1380-15
Name of Court CIR CIVIL DIV SEMINOLE CTY FL
File Date 05/14/2007
Date of Entry 04/17/2007
Expiration Date 05/14/2012
Amount Due $39044.10
Interest Rate 11.00 %
Name And Address of Judgment Debtor(s) (Defendant(s))
THE WORLD GOLF LEAGUE, INC.
2139 WEST SR 434, SUITE 101
LAKE MARY, FL 32746
Document Number: P99000110953
FEI/EIN Number: 593617006
WGL ENTERTAINMENT HOLDINGS, INC.
963 HELMSLEY COURT, #107
LAKE MARY, FL 32746
Document Number: P99000110953
FEI/EIN Number: 593617006
LOL - won't air on golf channel, either
Unless they plan an infomercial where their only advetising is to try to sell the non-so-incredible drink.
Looks like Pagnano is tryoing to dump another 3 hundred million shares in record time and issuing fluffies to try to get the gullible to buy at these super-high prices.
See warning about HRNF disclosure on pinksheets.
Apparently there will be no buyback
Pagnano said they will use 30% of their revenue for a buyback.
Wiht Golf Channel indicating the MDSO is not on their schedule and no revenues likely from Heathrow Natural, it looks like there will be no buyback at all.
Funny how HRNF seems to take people in, then their investment loses 98 to 99.9% of its value!
Correct - dilution is rising exponetially. Call the Transfer Agent to see just how bad it is getting.
HRNF also used the days after the reverse split to issue hundreds of millions of new shares without disclosing it to their investors.
HRNF even put out a PR hinting the dilution would be able to stop, yet it increased even faster.
cdnkid10 - the CEO has not changed at all - Beware of HRNF, IMO.
Look through the past PR's talking buyback, projected revenue, airing on certain networks, merger "letters of intent", "letters of intent to acquire". Most probably finally later get the clue that almost every single share sold was a dilutive share issued by the company. These are at steep discounts to the average share price and dilution is actuall increasing exponentially.
HRNF will not be debt-free and obviously fails to post financials or provide timely disclosure to the markets or investors. Looks like this is done on purpose....less info given means more bagholders get sucked-in by the fluff PR's.
Better yet, see the huge warning about HRNF by pinksheets when looking at the HRNF quote page. Just click on the big red stop sign.
The O/S is already rising exponetially mm107
It may be a bit lower one day.....but that will ponly last about 1 day.
For all we know, the O/S may be already getting close to the limit before the ink is dry on the fluff press release.
Someone claims Golf Channel news is a lie? I know some that have contacted the GC and mention all the unpaid prize winners owed money from HRNF, plus the fact that there are a multitude of judgment liens in Florida against HRNF. Simply changing the company name does not remove the judgment liens and court loss to one prize winner.
If HRNF ever has any real assets that can be siezed, those may be the first that lienholders go after in florida, IMO.
........................
Posted by: danielll Date: Thursday, April 09, 2009 11:43:37 AM
In reply to: ADVFN_karizmat who wrote msg# 20561 Post # of 20890
They contacted me. That is why I know and others have contacted the golf channel as well and posted that the news is a lie.
mm107 - what good money? Did you ever try to sell at the prices the stock is trading at?
A coincidence that Pagnano puts out such flufferized press releases almost exactly at the time so much diltion is about to happen?
Looks like he got a few more bagholders that will be stuck with shares and can't sell them for even 25% of the price they paid for them.
TAKI - 333 million shares equals 99.9 billion shares on a pre-2009-reverse split basis. There were 15 billion shares authorized prior to and imediately after the reverse split.
HRNF is still la dilution nightmare. The O/S count is likely to keep increasing exponetially. Note that Pagnano did not give details of the cancellation of his shares and what he gets in return in the form of preferred shares.
Volume is dumping of dilutive shares to those not doing their DD and buying based on fluff PR's and even fluffier projections.
With little or no revenue likely in 2009, the PPS cou;ld drop a lot lower. Reverse split in May?
Expecting a reverse split in May
Especially with the stock price heading toward $0.0001 so fast, only temporarily slowing its decline when a fluffie PR is put out to help take up some of the dilutive shares being issued.
Birdie - you've GOT to be kidding!
Shareholdcers all now know what Mike is all about. He is basically running each and every shareholders' investment into the ground, just like after the 2008 and 2007 reverse split. You can see evidence of this from the exponentially-increasing oustanding share count and tanking stock price, the lack of financial reporting, and lack of revenue.
He does not provide even close to the disclosure to avoid the big WARNING pinksheets has concerning his company. If you doubt this, click on the big red stop sign with the "NO INFORMATION" heading when viewing the quote on pinksheets site.
So, did Calvi get 150 million HRNF shares, too? The company failed to disclose the details of him buying his own/George Calvi's company.
I wonder why?
HRNF doesn't have Exfuze - they are simply a distributor, like all the hundreds of others out there.
Looks like Pagnano's tactics are alivve and well.
So, did Calvi get 150 million HRNF shares, too? The company failed to disclose the details of him buying his own/George Calvi's company.
I wonder why?
Looks like more massive dilution coming for HRNF.
Watch out below. Share buyback won't even happen.
The company previously promised that prize winners would be paid, revenue-permitting. Now we find that hte company has not paid its obligations at all, with evidence of all the judgment liens against the company.
Company fails to disclose addition debt and judgment liens against the company in Florida.
These liens against the company can be found using sunbiz's public record website.
So now the shorting conspiracy starts?
Do you think maybe that it could be tanking becuase there should have been less than 35 million shares outstanding after the reverse split.....and now there are 450 million or so in just days after the reverse split?
Sure - board approval needed for 2 reverse split within one year
That's all it takes
Did HRNF already pay new stock promoters? LOL HRNF warned investors they would have a new round of promoters and PR paid firm soon.
Looks like some of the new boyz here have the same M.O. of not doing DD, but trying to get others to think they will not lose their entire investment once again.
It is not a new company - it is the same CEO. He even had a failed merger, so he merged with his own company instead (Heathrow).
HRNF has numerous judgment liens, does not pay its obligations, owes $1 millon the winning team of its TV show MDSO, and has a record of non-disclosure that would scare any investor.
Yes they can reverse split that quick - and they will be back to NO BID, $0.0001 ask very soon.
Mistique - look at old SEC filings for this company
They even warn that they may be subject to action by regulators or shareholders, so don't even go there.
The company has destroyed shareholder value for years, and is already dumping hundreds of millions more shares without disclosing it to their shareholders.
If you've done any DD on this company, you may not be quite as optomistic. Traders of the Carribean? LOL
Maybe you should apply to be a moderator under this alias you are now using?
HRNF may need another reverse split by May
The market cap is much too high right now, and needs another 90% or more drop.
from the Ragingbull mssg board
By: rs4racing
08 Apr 2009, 01:30 PM EDT
Rating: Msg. 4986 of 4986
Jump to msg. #
Wow, dilution still happening . Almost 450 million shares out already.
That's 135 BILLION on a pre-reverse split basis (2009 reverse split of 1:300). HRNF had a share authorization of 15 billion just prior to the reverse split.
Shareholders are getting diluted into the ground once again.
No wonder pinksheets warns investors about this company
http://pinksheets.com/common/images/tier/logo_no_info.gif
No Information: Indicates companies that are not able or willing to provide disclosure to the public markets - either to a regulator, an exchange or Pink Sheets. Companies in this category do not make Current Information available via Pink Sheets News Service, or if they do, the available information is older than six months.
This category includes defunct companies that have ceased operations as well as 'dark' companies with questionable management and market disclosure practices. Publicly traded companies that are not willing to provide information to investors should be treated with suspicion and their securities should be considered highly risky.
It isn't wrong until the SEC files a civil suit against a company or its management, charging them with pump/dump schemes while the company knows the shares are under massive distribution (dilution). Not saying this is what is going on with HRNF. You make your own inference.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=22889376
Re: Message from mike (--Is the SEC aware that he may be trying to do a spamming campaign while the stock is under heavy distribution?
Indicating to others to spread the news on the boards is definately the kind of pump/dump spam campaign that used to be done by email and fax to try to get people to buy dilutive shares being dumped to slow down the PPS decline. The SEC has gone after companies and individuals who are involved in this.
Make sure to save those kind of emails from any CEO or forward them to the SEC.gov tipline to ask if they consider this kind of material non-public advanced info to be cause for regulator action, IMO.
Nope, no buyback
Mike's been using stuff like that in Pr's for years to help dump dilutive shares.
Why would he buyback shares at market prices, when HRNF is dumping dilutive shares at a steep discount to the avg. share price? Sell low, buy for high prices? LOL Maybe he could make up for that kind of huge loss with higher volume of losses?