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Will the company be having an earnings call for this quarter?
I agree -- no indication of any new commercial activities.
No revenue so far this year.
Company is funding $650k/qtr cash burn with convertible note units from investors. Notes mature in July 2014.
CEO made $30k emergency loan at the end of Sept so the company could make payroll that week.
CEO exercised 10,000 warrants at $.64 per share when he could have used that money to buy same 10% convertible notes unit which included shares at $0.50 for free and 3 year warrants. At least he eats his own cooking and pays more than market. What a chucklehead.
I don't see SO issues or fraud at the company -- the company appears to be disclosing all the dirty laundry. There can't be any problem about overstating revenues.
If there is nefarious behavior, it relates to VSTA major shareholder, who has a lot on the line, given the hole its made for itself. They are overstating their NAV as they prop up the share price, which over compensates them on their management fees. I wonder who the LPs are.
After slogging through six! yes 6 pages of footnotes on VSTA's mounting debts, I got to this gem in footnote 9:
The company's stock drops each time the IR agent issues (re-issues) a generalized tout about the potential of VSTA's products, without reporting actual cases where the products are being used, new customers, progress on drug discovery for the company's hunt for needle in haystack.
Failure to report on specific progress is tantamount to admitting nothing new is happening. Given the company burns cash each quarter, and common holders are getting squashed under debt, its no wonder some shareholders are bailing out.
One has to wonder if the value of the IP exceeds the amount of debt.
Company hasn't helped itself with its failure to disassociate itself from bogus BGMO stock sale, making the CEO appear unethical or idiotic.
As Shawn prepares the 10-Q filing for next week, I wonder what will he say about the defaulted Autillion Share Purchase Agreement?
Autillion,as we have learned, is a shell scam company subsidiary of Bergamo Acquisition that has no discernible business activity other than PRs about acquiring majority interest in VSTA.
Does VSTA's Board care they signed papers with an empty shell company? Apparently they don't. Does VSTA believe Autillion has access to any money -- on what evidence are they basing this? $25,000 share purchase June 2013 (with coincidental share short the day before)?
BGMO has been effectively shut down by SEC. VSTA and it's main investor, Platinum, have some 'splaining to do if they keep their head in the sand and hope the embarrassing incident goes away.
VSTA's Board and Platinum are aiding and abetting a penny stock share scam through their acquiescence, given how BGMO operates. I think the SEC needs to unravel the relationships of the people behind BGMO and VSTA.
Days blend into weeks, weeks into months, the cold hard fact sets in -- BGMO is dead.
Killed by management who made up stories but built nothing. Crooks who scammed shareholders while rewarding themselves with 62 mm practically free shares just to promote a scam day and night.
Announcing false $88 mm of profits 14 months ago was the coup de grace that got company labled toxic scam and banned from trading by the SEC. No recovery is possible from here.
Three Months Since SEC Closed Down BGMO Trading Hooray
Company has done jack squat since then. One lame statement about HH traveling to fix things and nothing else.
The empty shell of BGMO ain't got anything happening.
Sohail and his burned friends can deny the facts and blame everyone else from here to Karachi, but to what avail? They can paint the tape $10 a shot, but what good is that really?
The carcass of BGMO just rots as rigor mortis sets in, waiting to see if SEC goes the next step (criminal securities fraud, share expungement, administrative sanctions) which could occur in 1-3 years, if ever.
I believe LL Bradford ratted out Herzog/BGMO, to save its own rear end.
Lunch money ($75) being invested into VSTA is almost as impressive as the $10.70 tape paint for BGMO. I guess "nano accumulation" is better than no accumulation at all. At least there isn't dumping (which is precisely what should happen at these valuations - IMO soon shares available for much less).
BGMO has broker/dealer relationship that can be depended on for regular paint jobs. In two weeks what Singh has to say something about the defaulted SPA.
What does it say about VSTA and its board of directors that a defaulted SPA is allowed to fester, driving away legitimate groups?
Don't the directors realize the SEC has already determined BGMO is a toxic fraud company?
Maybe Platinum is in bed with Global Arena?
Let me help you:
Kablooey! Tape paint to follow. True value is less than $0.0001. BGMO is completely worthless toxic shell.
Kablooey!
Of course there will be a tape paint to hint the fact that the true value of BGMO is now known. It is completely worthless.
There is nothing here. HH is not doing anything to meet SEC requirements because there is nothing he can do. The sham shell of Bergamo has always (since 2007 collapse of garment activities) been empty talk and worthless posturing about "signed deals" that were never possibly going to actually happen.
It was all head-fakes and penny stock promotion, relying on Herzog with his sociopathic ego and arrogance to repeatedly announce fake deals using twisted and incomplete disclosures, while never admitting to shareholders the truth or taking responsibility for prior announcements.
Hillard Herzog and Sohail Parekh are criminals and others have abetted their crimes.
The fat lady has sung. Time to move on.
From what I can tell, Salim no longer has involvement with BGMO. I would rather people report on HH and SP finances, movements, health, etc. than irrelevant diversions.
I'd like to know wtf is happening with this company. Most likely - nothing at all, because there is nothing the shell can do.
You could instruct your broker to write-off the investment - i.e., just get rid of the shares for no consideration. Tell them to treat it as a sale for zero dollars, so it shows up on the 1099.
There is good chance the company gets deregistered, but no guaranty it happens by year end. HH has failed to make a meaningful response to SEC inquiries, so stock not going back to BB OTC tier any time soon. BGMO continues its low level posturing, with HH staying out of public eye. There are a few tape paintings which serve no purpose, but don't cost much either. Stock and company are for all intensive purposes, dead. But the finger pointing will continue for a while. Given that HH/SP and their shills are not bound by any reality, there is always a chance some amusing new PR comes out with another "investment". And of course, VSTA has failed to repudiate the defaulted SPA yet.
It's hilarious how the company now attacks Salim Chamdia, who once was touted as HH's great connection in Pakistan, and Salim was officer of BGMO subsidiary. Salim's website reminds me of Robert Fowler (the ladies man) of US Capital Funding Trust -- another con man whose Google search results are mainly the PRs relating to BGMO. http://salimchamdiasecurities.com/management/
How is it that HH has this uncanny ability to find/attract/do business with such a rogue's gallery of crooks, whose main business only seems to involve BGMO -- the Brazil bank, Vivek Sinha, Robert Fowler, elpiconjob, FortuneMint, LondonWall, Salim, etc.
What's happening to this stock, apparently nothing -- the tainted stench of BGMO drives away investors. Only a company with no options would keep open a serially defaulted SPA from sham shell BGMO. I can only wonder what Singh is being told -- and how many promises have to be missed before he accepts reality that BGMO is fraud with no money.
Shawn - time to wake up and smell the coffee. Sohail can't help you, and Herzog is tainted fraudster who's got problems you don't want to know about.
Of all the companies that BGMO screwed over by Herzog giving highly confident but completely worthless investment promises, only Suntrough managed raise some money from a new investor, not that Suntrough has ever delivered a product to a customer.
I haven't heard of specific rule changes that would cause brokerages to stop clearing trades in BB stocks, not that I would normally learn about such matters. SEC appears to be stepping up efforts to stop trading in fraud story companies like BGMO. No chance BGMO comes back, given it has no value at all, even as shell.
It's Halloween time, so no surprise spooks appear from the dark to whisper how great things will be. Seen this for years, and nothing ever comes of it.
Sohail is throwing mud at Salim to distract BGMO investors from rigor mortis setting in at BGMO. Herzog is propped up like Bernie (as in Weekend at Bernie's, not Madoff). Nothing is happening because there is nothing to happen. Passage of time proves that any money from NWI or secret Euro profits was just as fake as all the previous invented stories of money. It was fun disproving the fake stories - like the Brazilian bank or U.S. Capital Funding, but that phase is over.
There is no value in trying to resurrect a failed company which has no assets or operations of any kind, plenty of liabilities real and contingent, a mess of a capital structure, flagged by SEC as a fraud, skull & crossbones standing on OTC Markets, burned every single person who got near it, etc.
Too bad for Sohail's friends who got suckered into gambling their money on this ugly pig. Who'd have through a Muslim would sucker so many of his friends on behalf of a sociopathic rag salesman liar. A real odd couple.
Oh yes, this can drag on for years, as long as someone wants to paint the tape for $19.20 and the SEC hasn't expunged the shares.
I realize there are groups who have vested interests to maintain the facade -- Sohail dragged many friends into this con game and has nothing else to do; the holders of the 60 mm shares received in 2012 at $0.001 per share; Herzog who wants to run out the statute of limitations; the overseas partners who are running their own scams, etc. One group that appears to have abandoned ship is the Vancouver crowd.
Let the world never forget the name Shannon K. Newby.
Or Robert Fowler, or Joe Canouse or Dean Bradley.
I am amazed the SEC hasn't sent this sham to the greymarket.
Well said, my friend.
Stock not only dead in the water, but has sunk to the bottom. No end in sight to stagnation, as no company has returned from skull & crossbones grey market in the last four years, and BGMO has nothing which would make it's fate any better than other scams that got slammed to the ground by the SEC. The company has apparently closed up shop (not that much was actually happening the past few years) and Hillard stopped responding to anyone. No effort being made to do anything, except Sohail, who keeps running around like scalded ape trying to assign blame to anyone but himself and HH. Sohail now blaming people in Pakistan - my word, BGMO attracted a lot of enemies over the years. Sohail is the loser here, as he is much younger than HH who is just running out the clock, and has family/friends he screwed over. As these people realize it was all a con job, their hatred and anger at SP grows. Hopefully some will eventually forgive him for his imbecility and criminality.
Even VSTA is pretending BGMO doesn't exist (the Suntrough strategy) -- just ignore the prior PRs about funding and hope the odor eventually goes away.
What does this have to do with BGMO?
BGMO taken to hospital by SEC because of flagrantly misleading financial reports and long stream of false and misleading PRs and unending IR campaigns. Now stock untraded in grey market purgatory, awaiting possible expungement. A year or two from now we'll find out if there will be criminal indictments.
Sohail can't get job other than cab driver or waiter, but at least these are real and honorable jobs, unlike his decade of putting his brown nose where it got browner.
BGMO's enemies list might have missed a few people.
For instance, is Mr. Mohammed Amin Fatani on the list? Having paid $150,000 for 5,000,000 BGMO shares in March 2011, he'd be pretty steamed unless he unloaded them as part of the dumping. Seemed like a deal paying $0.03 when stock was trading $0.06 - $0.09 per share.
I think Sohail is in awful situation and should come back to Pakistan. He's burned many of his fellow countrymen, as the devout shill for Hillard Herzogstein. He can't get a job as his resume reeks of failures and frauds. Now he depends on his wife.
Thanks for posting the Lebanon PR that had so many Big Fat Lies, including that Suntrough is subsidiary of BGMO. Is Fazal also on the enemies list?
Herzog doesn't need a dog. He has Sohail Parekh. Arf arf.
Thanks for the info. Who can count the lies and false statements in that old PR (at least 10)? Now that HH is muzzled and trading stopped, its nice to be reminded of how awful the pump and dump was at its peak.
I doubt HH is traveling further than the local bingo hall and minimart in Henderson. Nobody wants to talk with the old windbag now that BGMO is closed -- certainly not the National Wealth Mgt conmen with the super-secret European subsidiary or anyone at HKSB. HH is dodging shareholders because he's lost his ability to keep lying and making up stories once the SEC squad arrived. The stench of failure is strong.
Sohail Parekh will keep promoting BGMO since he has nothing better to do now that his life is ruined. Sohail showed loyalty to Herzog of a dog - and convinced many of his friends and fellow Paki's to lose money. What a team -- could be basis for interfaith mini-series -- a loser Paki expat bean counter shills for a schemata from Hartsdale.
One person says they have list of 36 enemies (aka former business partners, employees, service providers, etc.) dating from 2003. I say they are underestimating how many enemies HH made including those from earlier career.
VSTA share price is holding up amazingly well given that another quarter has slipped by without any appreciable business progress, while company keeps burning cash provided by short-term fixes from Platinum and others. Market price doesn't reflect that the VSTA common shares are getting squashed below debt.
To no one's surprise, the fraud company, BGMO, failed to deliver on the SPA. Not much VSTA can do, since BGMO has been effectively shut down by SEC. Not that BGMO's rumored patrons and majority holders, people affiliated with Global Arena Holdings, will ever acknowledge or stop their notorious higher yielding pump squad.
I will keep a vigilant eye on this from the back bench.
Exciting things are happening with stem cells, but no one seems excited over VSTA's focus.
I believe you will find that the unnamed co-conspirator behind the BGMO farce is Global Arena Holdings, the money-losing NY public listed penny stock brokerage firm - ticker GAHC.
They were the firm providing the High Yield Investment Program to fund the Greensafe investments. They've hovered behind BGMO through thick and thin over the years.
GAHC avoids acknowledging its infatuation with Herzog for obvious reasons, but this is the firm featured in BGMO's business plan circulated last year, and certainly is the public listed B/D that BGMO reported owning 2 mm shares and had option to acquire majority stake last June.
I think its time for FINRA and SEC to investigate GAHC's involvement actively behind the BGMO promotion.
http://www.globalarenaholding.com/Board_of_Directors.html
Pop goes the weasel. As predicted by people who know what happens when SEC slams company into grey market, trading price plunged 95% on first real trade in weeks. Shares still overvalued at $0.001 ($240k market value). Just lunch money ($13) but necessary to get tax loss.
HH still looking for the "real money" in HK and Europe? Nice for HH that the game lasted this long - he retreats on SS and Medicare. Keep an eye on Sohail - he burned so many of his friends/relatives with what everyone now knows was pure hokum and lies. What does a Paki have to do to atone for these sins?
How is old Dean? Is he in jail. Is anyone in jail? Seems like Canouse maneuvered his way out of liability and screwed everyone in the process. Smart guy, but stay away from him.
One Year Anniversary of THE BIG LIE
This week marks the anniversary of Herzog's posting of an utterly false "compiled" financial report to OTC Market claiming $179.5 of cash and $88 million of net income earned from thin air. This was just one episode in BGMO's securities fraud conspiracy run by Hillard Herzog, Sohail Parekh and their friends.
Herzog stepped over the line with this one, ensnaring a real accounting firm and a slimy lawyer in the caper, and putting their businesses at risk. No surprise they ratted him out to protect their asse(t)s.
The SEC has now very effectively shut down the shares. The only reason to stick around is to learn answers to the many unanswered questions and make sure the coffin nails don't loosen.
Keeping one eye on this, but otherwise adios.
An audit is not hard, as there is little to account for except travel expenses and liabilities. No assets, no revenues, no real employees, etc. Only liabilities, such as Camofi settlement and unpaid bills. Hardest item will be GAAP accounting for all those warrants and shares issued below market prices. But there is no reason to get an audit, as BGMO has no viable business and is quite dead. Not everyone has gotten the memo or willing to admit the obvious.
There is a possibility of money laundering charges, to the extent HH was helping Paki friends move money out of the country to SIngapore. Just a blind guess, but if I had money in Pakistan, I'd be looking for friends with shell companies to facilitate transfers.
BGMO churns out incomprehensible bullshit (see link below for one of today's moronic gems) but predictably fails to produce any money for VSTA.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=91685449
Yet Shawn keeps acting like a real schmuck fool by failing to cancel a clearly worthless document. Doesn't he see BGMO has no money, no billions from HK to invest, no profits from super secret trading strategy, etc. Even the Vancouver gang is slapping their head thinking Singh's got a screw loose for sticking around this long.
By failing to cancel a worthless stock sale agreement, while BGMO makes claims that such lack of termination is valid proof of BGMO bona fides, each of VSTA's directors is exposing himself to claims of incompetence, negligence, window dressing, failure to act prudently and perform reasonable standard of diligence and care, etc.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=91693860
You are likely correct, but forgive me for assuming other motives from the chuckleheads behind the BGMO farce - it's my daily entertainment. I am still wondering...
-Identity of public broker/dealer BGMO claimed to own shares in.
-Name of European partner who helped arrange the Autilion scam.
-Recipient of 62 million shares a year ago (now theoretically tradable under 144, but jokes on them as HH drove stock to grey market)
-What happened to Vancouver guy who erased his Linkedin claiming long term employment as BGMO investor.
Also, I want to make sure nails in the coffin don't loosen.
Maybe my theory was too far fetched. I am puzzled why the supposed representative of majority owner of BGMO is singularly focused on what seems to be meaningless info. Try this one -- BGMO's supposed Florida operation offering solar pipe pumps (see below from BGMO website) needs Bill of Lading since prospective customer asked for one, and Rahi was the only one who knew what parts are needed. Do you have a better explanation?
From BGMO website:
Strategic Investment Strategy in Alternate Energy Field
Bergamo Acquisition entered into an exclusive agreement with Bergamo Solar Development, Inc., a company to be organized in the state of Florida. Bergamo Acquisition will own 60% and Bergamo Solar Energy Development, Inc. (BSED) will own 40% with Mr. Steve Sarka as President.
BSED expertise includes design, development, manufacturing, and operational management. The agreement covers solar power plants, solar powered supplies, generators and devices, solar lightings, LED lightings and luminaries, water purification technologies, wind technologies, electronics, and electromenchanical components and related equipment. BSED has agreed to market and sell product developed and manufactured in the United States of America. The United States was selected due to the international demand for reliable products with trusted warranties such as those offered by U.S. corporations.
BSEDC Products Under Development
Solar Operated Tube Well Pump (10 kW up to 500 kW)
This system is capable of provide clean energy as well as 6,000-240,000 liters per hour of clean drinking that can be used also for irrigation by farmers.
Solar Generators for Homes & Industries (10 kW up to 500 kW)
Solar operated generators for home and commercial use.
Time to stop distorting my posts.
Luckily, Rahi need not worry, because:
1. Shareholders of BGMO have no standing to pursue derivative claim against former JV partner, regardless of how the business was conducted.
2. There is no U.S. venue to pursue claim, as BB Solar was non-U.S. and performed all business outside U.S..
3. BB Solar has no assets to claim. The Big Leaf probably has no assets left either. Rahi protected by corporate veils.
4. Rahi has already filed documents and complaints with Canadian and U.S. regulators establishing fact pattern of BGMO's serious bad faith, willful misconduct, and failure to perform.
5. The Chuckleheads would have to identify themselves to pursue anything, which is highly unlikely.
Glad the SEC finally caught up with BGMO fraud and shut down market access.
I am guessing the people who stole your demo now need a shipping invoice to show authorities that taxes were paid on import.
Why else would there be single-mindedly desperate begging for such trivial information?
I bet SP is involved.
Stop distorting my comments.
Rahi had a real business opportunity, if only HH/SP had delivered their side of the JV.
But this is moot.
It's now almost a year since HH claims of $88 million net profit and $179 million of cash. Time has shown that "business plan" of supposed European subsidiary with fantastical profits was an outright falsehood.
It's five months since BGMO began defaulting on VSTA SPA.
It's year since BGMO default on its "business plan" to invest like Buffett.
It's been years that Herzog defaulted on all promises to shareholders.
SEC action couldn't have happened to a more deserving company. Canouse is first class crook and very smart.
So it's just grey market purgatory for the foreseeable future, with chance SEC will reach some administrative proceeding settlement with HH/SP. The settlement could take a while because HH's stubbornness and delusionary thinking process, notable in the Camofi defense. His irrationality may play to his advantage.
What might happen to the group that owns 117 million shares and controlling interest in BGMO?
Thanks for the reality check and clear discussion where BGMO will go from here (bad to worse). When you mention "delisting" BGMO, I assume you mean their registration will be revoked so no broker/dealer or transfer agent may deal in shares.