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The tale, from a 28 September 2016 Press Release:
PHI Group Receives the First Drawdown from the $50-million Milost Equity Subscription Agreement
NEW YORK, Sept. 28, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com) (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions, announced today that the Company has received a large portion of the first drawdown of $2.75 million from the $50-million financing facility previously committed by Milost Global, Inc., a U.S. private equity firm, and expects to receive additional funds from Milost Global, Inc. for acquisition and working capital purposes.
On September 27, 2016, the Company submitted a Drawdown Notice to Milost Global, Inc. for a total of $2,750,000 from the MESA’s total $50-million commitment in form of a convertible note bearing annual interest of 5% and convertible to common stock at 20% discount when PHI Group’s common stock reaches $2 per share. The proceeds from this drawdown are allocated as follows: $2,150,000 towards the cash payment for the purchase of the agricultural company (“Agri Target”) in Southeastern United States, $500,000 for due diligence and document fees for the acquisitions of the SA Target, Agri Target and an educational company in Canada, and $100,000 for general working capital. On September 28, 2016, Milost Global, Inc. confirmed that $500,000 had been remitted to Milost Advisors from Milost Global, Inc. on behalf of PHI Group, Inc. as part of the first Drawdown Notice presented to Milost Global, Inc. by the Company. As of the date of this report, the Company has not received any direct disbursements from Milost Global, Inc. for the drawdown.
Really?
First we read this, in a press release dated 8 September 2016:
Milost will receive shares of common stock in PHI Group for the equity investments with a price per share on the basis of 10-day’s Volume-Weighted Average at a discount of 20% at the time of issuance.
The drawdown is in the form of a convertible note bearing interest at the rate of 5% per annum and convertible to PHI Group, Inc.’s common stock at the purchase price of $2 per share minus 20% discount.
LOL! Is that a bit of toxic financing? I couldn't tell exactly because I couldn't find the 8-K describing this apparently material event. Speaking of filings, the 10-K is due in a week. Wonder how that's going. This kind of financing becomes much more attractive to the lender when there is some significant volume to dump into and that often requires some press releases. Can't wait!
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So you think it is just going to 'go away'...? LOL! You better hope not. I think that is the only thing holding back a tidal wave of shares to sell...
You missed my favorite: The Deposit Chill.
lol!
More like a LOL instead of a LOI. lol!
Docket entry 23 (motion to stay) has been declared moot due to the stipulation in docket entry 24. Docket entry 24 is a stipulation of an agreement between the parties to stay and it has been so ordered. lol!
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Right! lol! Equities.com? They appear to be a paid pump site for various other stocks of ill repute.
From the most recent 'article' on their website for vplm:
In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities.com receives quarterly payments of R-144 Restricted Common shares at a specified price.
They couldn't even get the address correct of one they did list. I just have to LMAO when I see this kind of stuff.
I just read some of the recent docket entry from the Apple case. I just had to laugh when I read this:
VoIP-Pal filed three serial complaints in this action, but failed to serve the first two. On
May 5, 2016, VoIP-Pal filed its third complaint, styled as the “Second Amended Complaint.”2
(ECF No. 11.) Five days later, and a full three months after filing its original complaint, VoIPPal
finally attempted to serve Apple, albeit with a copy of a complaint from a different case.3
(See ECF No. 22.) ...
[Footnotes:]
2 Because VoIP-Pal failed to secure Apple’s consent or leave of the Court, its filing of the
“Second Amended Complaint” failed to comply with Fed. R. Civ. P. 15(a)(2).
3 As a result, to date VoIP-Pal has failed to provide legally effective service.
Really?!? Now that's some exciting news!
Everett Jolly Interviews Henry Fahman, CEO for PHI Group Inc. (PHIL), and they discuss their recent acquisition and controlling interest of Pacific Petrol (Vietnam).PHIL
Steven Wise in the SEC's crosshairs again. lol!
Anyone remember this guy and Marx Toys (MRXT)? I wish RB still had their old content around. This was a classic.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23555 / June 2, 2016
Securities and Exchange Commission v. Steven Wise, Civil Action No. 1:16-cv-04104 (S.D.N.Y., June 2, 2016)
Long Island, N.Y. Man Settles Charges for Violating Penny Stock Bar
The Securities and Exchange Commission today announced that Steven Wise of Woodmere, N.Y., has agreed to pay $20,000 in order to settle charges that he violated a Commission-ordered penny stock bar entered in 2005.
The SEC alleges that, in the spring and summer of 2015, Wise solicited several private companies to issue publicly trading shares, pitched the offerings to a New York-based hedge fund, and helped the private companies prepare to offer shares to the public. While conducting these activities, Wise was subject to a 2005 penny stock bar entered to resolve a previous SEC enforcement action, In re Steven Wise, Exchange Act Rel. No. 51077 (Jan. 25, 2005). None of Wise's efforts in 2015 resulted in a public offering.
Wise agreed to settle the charges without admitting or denying the SEC's allegations. Wise consented to the entry of a final judgment enjoining him from future violations of Section 15(b)(6)(B) of the Securities Exchange Act of 1934, which prohibits a person, without the consent of the Commission, from participating in an offering of penny stock if previously barred from doing so, and requiring him to pay a civil penalty of $20,000. The settlement is subject to court approval.
The Commission acknowledges the assistance of the Oregon Attorney General's Office.
http://www.sec.gov/litigation/litreleases/2016/lr23555.htm
Was there a discussion of the 'crowdfunding effort'? Sorry, I just have to laugh at that as well. Am I grasping this correctly: you buy shares at $0.05 that are restricted, and even after they become unrestricted you cannot deposit them due to the chill? I guess you can hang them on your office wall. I have one of these in my office. I call it the gift that keeps on giving. Every time I'm tempted to buy a pink sheet stock, I just look over at that. Saved me a lot of money.
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'...stipulate to their requests...'
LOL! What in the world does that mean? Capitulate might be a more appropriate world.
In any case, this latest PR has to be the funniest since the 'lockup PR'. A press release touting they just agreed to an extension of time to respond. A routine legal maneuver that is always granted. Voip-Pal makes it sound like they threw the opponent a bone so as not to crush them quite so badly. I am just LMAO.
Who could possibly be the intended target of these PRs? No one with an ounce of sense of course.
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What kind of a mother would name their child Dick Weed? LOL!
Unless Scott simply hacked a few decades off his age and made up the whole Robert Sand biography.
What kind of nonsense is that? 2.6 million shares at .372? That's about a million bucks. Sure wasn't purchased on the open market. I'd say its far more likely he gifted them to himself in some way. That's almost 20 percent of the outstanding shares.
Every once in a great while a kernel of truth emerges here...
...and all good humor has an element of truth.
Anyone who thinks a top patent law firm can be scammed regarding patent value is delusional.
Am I the only one who curiously wonders if the possiblity exists that Robert S. Sand and Scott R. Sand are one and the same?
Thank goodness the SEC revoked big PHIG's registration so it won't be quite so easy to foist this over. Had to laugh when I saw this in your link:
The company is expected to consummate fully-reporting status for listing on OTCQB within the second quarter of 2016 with vision for upgrading onto NASDAQ not later than 2017.
Early Christmas gift! CATA suspended. lol! Took long enough. Finally this turd will cease to exist.
I'm thinking never. I'm also thinking I'd be embarrassed to be posting that nonsense.
...PHI Group is committed to providing an initial $10 million...
'nuf said
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I cannot remember why I have in interest in Big Henry's 'companies' but I do know it has been a long time. Many years. In all that time, I cannot think of a single time I saw anything of note accomplished. Lots of talk, some pictures, but that's about it. Of course I have have overlooked something. In any case, in this 10-Q, I actually see some action taken: the purchase of 10 acres of Florida land. [I was about to type swampland! LOL!] Lets see if anything comes of that.
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That's just ridiculous. Laughable, absurd, comical, funny, hilarious, risible, droll, amusing, farcical, silly, ludicrous. You ought to be embarrassed for even posting it.
How about this instead? It's effectively the same, but funnier...
Buyout is deemed unnecessary! Patent valuation finally complete. Company says patent valuation is complete and is far in excess of current market value. So far, in fact, that the company has decided simply to reward existing shareholders by paying them gobs of money directly rather than waiting for the obvious buyout. For each 100,000 shares held, the company will give a wheelbarrow load of money. For each 1,000,000 a truckload. Any shareholder with over 10,000,000 will receive a boatload. Please send an email to imjusthapless.com with your information and when you would like to stop by headquarters to receive your payout.
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The most recent 'quarterly report' from the boyz at Ingen included this gem:
...If the DTC doesn’t process and settle trading in your securities, it just doesn’t happen...
20 top engineers. That is just too funny. What they chiefly need is 1 person fluent enough in English to write these things without all the grammatical errors.
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Quite an increase in cash. From $25K to over $900K for a company with no revenues. Can't wait to read what that came from. LOL!
Additionally, Voip-Pal announced that over the last quarter they have increased their cash holdings to approximately $900,000. The funds will be used to cover operating expenses and future costs involved with the potential sale of the Company.
Bumpin' some more... lol! Now 1,100,000 up from 1,020,000
Action Type: Amendment
Document Number: 20150425520-26 # of Pages: 1
File Date: 9/28/2015 Effective Date: 9/25/2015
Previous Stock Value: Par Value Shares: 1,040,000,000 Value: $ 0.001 Par Value Shares: 1,000,000 Value: $ 0.01 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 1,050,000.00
New Stock Value: Par Value Shares: 1,100,000,000 Value: $ 0.001 Par Value Shares: 1,000,000 Value: $ 0.01 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 1,110,000.00
Kind of makes me wonder if big Robert is fictional...
I just have to laugh about this, because, and perhaps there is no relationship, but the names are just quite the coincidence...
Big Scott R. Sand claimed in a number of Ingen SEC filings about his college prowess, which, as we read in the trial docket documents, was a whole lot of malarkey...
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Curious thing about the 8-K filed 29 April 2015 by FBEC ...
It contained the following:
Robert S. Sand, age 32, Chairman and Chief Executive Officer, has extensive experience developing new businesses and start-ups. A graduate from Florida State University with a B.A. Degree in Business Management, with an Associate’s Degree from Barstow Community College in California; Robert felt compelled to serve 3 years in the U.S. Military beginning on December of 2001 (a few months after 9/11) with basic training at Ft. Jackson, SC as a Pvt. I. He advanced to private first class after completing basic training and airborne school, and continued advanced schooling in Aberdeen Maryland. He was promoted to specialist upon deployment to Knar Afghanistan as combat squad leader, and he received many awards for serving his country. Robert completed NCO school in Korea and accepted a promotion to Sgt/E5 just prior to his Honorable Discharge. His post-military career included his own construction company as a licensed contractor and major vendor to the Fortune-100 Empire Today LLC for several years where he excelled averaging $17M a year as the National Commercial Manager. Robert has recently invested his interests into being a managing partner for a small capital advisor firm in Northern California where he resides today. Robert has accepted his position as Chairman and CEO of FBEC Worldwide, Inc. in order to offer his expertise in growing the company and building shareholder equity.
We are unable to verify a degree for this individual based on the information you provided. Possible reasons are:
1. The information you entered (name, date of birth, and/or Social Security number) does not match the name, date of birth, and/or Social Security number provided by the educational organization.
2. The individual has chosen to keep his or her student records private.
3. The school has blocked the release of the individual's records. In this instance the individual must contact the school directly to release his or her records.
4. The individual never received a degree from the selected school. Ensure that you have selected the correct school. Many schools are similarly named. Use the location to assist you in your selection process.
5. The individual never enrolled. Ensure that you have selected the correct school. Many schools are similarly named. Use the location to assist you in your selection process.
If you are able to obtain a copy of the degree from the individual, fax it to the Clearinghouse at 703-318-4058, along with the Transaction ID for this request. We will work with the school to determine whether or not the record(s) is genuine.
INFORMATION YOU PROVIDED
____________________________________________________________
Subject Name
First Name.............: ROBERT
Middle Name............: S.
Last Name..............: SAND
School Name................: FLORIDA STATE UNIVERSITY (001489-00)
Attempt To.................: Verify a degree.
Reference ID...............:
Disclaimer: All information verified was obtained directly and exclusively from the individual's educational institution. The Clearinghouse disclaims any responsibility or liability for errors or omissions, including direct, indirect, incidental, special or consequential damages based in contract, tort or any other cause of action, resulting from the use of information supplied by the educational institution and provided by the Clearinghouse. The Clearinghouse also does not verify the accuracy or correctness of any information provided by the requestor.
Curious thing about the 8-K filed 29 April 2015...
It contained the following:
Robert S. Sand, age 32, Chairman and Chief Executive Officer, has extensive experience developing new businesses and start-ups. A graduate from Florida State University with a B.A. Degree in Business Management, with an Associate’s Degree from Barstow Community College in California; Robert felt compelled to serve 3 years in the U.S. Military beginning on December of 2001 (a few months after 9/11) with basic training at Ft. Jackson, SC as a Pvt. I. He advanced to private first class after completing basic training and airborne school, and continued advanced schooling in Aberdeen Maryland. He was promoted to specialist upon deployment to Knar Afghanistan as combat squad leader, and he received many awards for serving his country. Robert completed NCO school in Korea and accepted a promotion to Sgt/E5 just prior to his Honorable Discharge. His post-military career included his own construction company as a licensed contractor and major vendor to the Fortune-100 Empire Today LLC for several years where he excelled averaging $17M a year as the National Commercial Manager. Robert has recently invested his interests into being a managing partner for a small capital advisor firm in Northern California where he resides today. Robert has accepted his position as Chairman and CEO of FBEC Worldwide, Inc. in order to offer his expertise in growing the company and building shareholder equity.
We are unable to verify a degree for this individual based on the information you provided. Possible reasons are:
1. The information you entered (name, date of birth, and/or Social Security number) does not match the name, date of birth, and/or Social Security number provided by the educational organization.
2. The individual has chosen to keep his or her student records private.
3. The school has blocked the release of the individual's records. In this instance the individual must contact the school directly to release his or her records.
4. The individual never received a degree from the selected school. Ensure that you have selected the correct school. Many schools are similarly named. Use the location to assist you in your selection process.
5. The individual never enrolled. Ensure that you have selected the correct school. Many schools are similarly named. Use the location to assist you in your selection process.
If you are able to obtain a copy of the degree from the individual, fax it to the Clearinghouse at 703-318-4058, along with the Transaction ID for this request. We will work with the school to determine whether or not the record(s) is genuine.
INFORMATION YOU PROVIDED
____________________________________________________________
Subject Name
First Name.............: ROBERT
Middle Name............: S.
Last Name..............: SAND
School Name................: FLORIDA STATE UNIVERSITY (001489-00)
Attempt To.................: Verify a degree.
Reference ID...............:
Disclaimer: All information verified was obtained directly and exclusively from the individual's educational institution. The Clearinghouse disclaims any responsibility or liability for errors or omissions, including direct, indirect, incidental, special or consequential damages based in contract, tort or any other cause of action, resulting from the use of information supplied by the educational institution and provided by the Clearinghouse. The Clearinghouse also does not verify the accuracy or correctness of any information provided by the requestor.
Had to look up Colloquy. lol!
col·lo·quy
'käl??kwe/
noun
noun: colloquy; plural noun: colloquies
1. a formal conversation.
"they broke off their colloquy at once"
2. a gathering for discussion of theological questions.
07/29/2015 9:00 AM
- Colloquy. Counsel agreed to stipulate to add the new party to the complaint. COURT ORDERED, Defendant's Motion to Dismiss DENIED WITHOUT PREJUDICE.
Curious happenings at FBEC yesterday when they issued an 8-K announcing the termination of Yorkshire Capital arrangement. Haven't seen that before. Interesting... Also interesting was that the 8-K contained a copy of the original agreement, which was signed by a Donna Murtaugh, managing partner. LOL! That's one of Sand's Ingen cronies, a registered nurse.
Robert Sand is unlikely to be the son of Scott Sand of Ingen fame. Big Scott's son's name is Ryan. His other child is a daughter.
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LOL! Big Myson figures to be heading to the NASDAQ (right, lol!) but can't even file its pink sheet financials on time. Tsk. Tsk.
Form 8-K for INGEN TECHNOLOGIES, INC.
22-Oct-2014
Other Events, Financial Statements and Exhibits
Item 8.01 Other Events
The following events conclude the Company's matter regarding the DTC Global Lock and Chill.
On October 20, 2009 the Company was notified by DTC's Deputy General Counsel, Isaac Montal, that there was a Chill placed on Ingen's securities.
On October 20, 2009 the Company's General Counsel, Richard Weed, contacted DTC's Deputy General Counsel to confirm the reasons for DTC's decision to place a Chill, and requested the information required to remove the Chill.
On October 23, 2009 Attorney Richard Weed, along with the assistance of Ingen's transfer agent, Worldwide Stock Transfer, provided all information to Mr. Montal as requested by DTC's Deputy General Counsel, Isaac Montal.
Between October 23, 2009 and February 20, 2014, the Company did not receive any communication from DTC, despite multiple requests from Ingen to remove the Chill.
On February 20, 2014 the Company hired Attorney John Root to make contact with DTC regarding the status of removing the Chill. Between February 20, 2014 and June 19, 2014 Mr. Root was engaged with providing various information with DTC required to remove the Chill.
On June 9, 2014 Attorney John Root was directly notified by DTC of a Global Lock related to a Chill from 2009. DTC neglected to notify Ingen of the Global Lock, and attorney John Root was unaware of any notification sent by Federal Express due to a personal illness.
On June 10, 2014 Ingen sent a formal request to DTC requesting an update, unknowingly that DTC had sent notification to John Root on June 9, 2014. DTC responded to Ingen, informing and providing Ingen's Chairman, Gary Tilden, with a copy of the letter that was sent to John Root on June 9, 2014. Based on the communication, DTC agreed to allow Ingen additional time to respond to removing the Global Lock and Chill.
On June 19, 2014 the Company replaced Attorney John Root with Attorney William Haseltine in order to resolve all matters related to the Company and the Depository Trust Company concerning removal of the Global Lock and Chill.
On July 8, 2014 Attorney William Haseltine submitted all of the required documents and responses to the Depository trust Company in order to remove the Global Lock and terminate the restrictions placed on the Company's securities.
On July 29, 2014 the company received a request from DTC for additional modifications to the DTC Response Letter.
On August 26, 2014 Attorney William Haseltine provided the final opinion and response to DTC in order to lift the Global Lock.
On October 15, 2014, the Company sent a letter to the Depository Trust & Clearing Company requesting that the DTC recognize their responsibility to lift any/all restrictions placed upon Ingen's Common Stock for the good of Ingen's 671 shareholders.
It was actually part of the plea for leniency filed by Sand begging the judge for a reduced sentence. From the docket entry document on or around 4 April 2011. Apparently big Bob was undergoing cancer treatments as well.