Is what it Is !
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Its because Ritchie and Eade have burnt to may bridges and to many scams..
its small like 7% or something but the point I made is once IFLM books it. They have it and there responsilibity. They are just try to put everything on Junior back because they dont want to pay the poor guy. If you read the financials clearly Junior gave them lots and lots of money and they stated they were in default. They have a real hard time in the case coming forward
pretty sure they got the money and then some...Junior also loaned them considerable amount of money in cash...these guys never pay anyone and then they sue...that's how they operate....did the same thing with Ariva last year
On January 11, 2012, the Company entered into a $33,000 convertible debenture with Junior Capital Inc. (“Junior”). The Junior Debenture accrues interest of 10% and matures on January 11, 2013. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $33,000, $8,425 of which was amortized to interest expense before conversion. As a result of the conversions, $24,575 of debt discount amortization was accelerated and expensed and the derivative liability decreased by $37,159. As of September 30, 2012 the entire $33,000 debenture was converted into 1,015,384 shares of common stock.
On March 15, 2012, the Company entered into a $40,000 convertible debenture with Junior Capital Inc. (“Junior”). The Junior Debenture accrues interest of 12% and matures on March 15, 2013. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $40,000, $20,702 of which has been amortized to interest expense. As of December 31, 2012 $40,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance.
other than attempting to screw people over and save a little stock. What have they actually done in 6 years. Jeff Ritchie works out of his house and raises money. That's it. No revenue. No assets.He has never returned any of investors money. Ya reducing stock could be technically good but there is zero fundamentals and there never will be. He is just a straw man for Eade.
Can you say Rigged market ??
until all these guys start suing back. Eventually, Eade and Ritchie are going to pay the piper some day. You just can't doing breaking contracts and showing zero accountability and cancelling everyone's paper.
You just have to ask yourself one question. Can everyone be wrong ? There is at least a dozen people on this board who they have done this to, not just these guys. If you check my posts a year ago. I took the same position as you. You should connect with everyone offline and find out the truth and whats happening before siding up with these guys. And then ask yourself,can everyone be wrong ?
bubkiss...We all know your Richie guy...this guy has had 6 years to something and nothing !!!....there is a reason why everyone hates Eade. You have to ask yourself....Can everyone be wrong ?
keep guessing...but what was said specifically ?
Not a financier in the world will ever do business with ever again. Its an unwritten lifetime rule in the investment community....its finished
Of course Eade is legal council....This is how he pikes his stock in the first place. These guys accrue huge salaries for doing nothing but operating a business out of the house. The company can never pay it because nobody is stupid enough to give them the money anymore. Then they take payment in stock and never pay the IRS on it and then sell the stock back door or off shore....Scam Scam Scam !
These guys are always scamming people and the suing them. This is how they operate. This deal now now toast. This is classic Eade. Loves to fight people. Now all thats going to happen is these guys are all going to sue back everyone. Nothing in the deal and nothing will come into the deal with all the overhang. These guys are toast
ya they do...especially popular in Canada...lot of orders come in suddenly without a release...they halt them all the time...for a what's up looks see...don't get be wrong...there may be something that needs to be disclosed bit Im not really worried about this one but as I say we will see everything in 11 days
yes, that's true but again those are all 211 based issues....this is a market and trading issue...those are all largely companies who do not file their audited financials...this is entirely separate issue. This is actually a trading halt to see what's up....The main difference is these are companies that basically have minimum information out. With LBSV they are looking at why the street is accumulating such size. ie is there something that needs to be released. For example, some mining results that are none public etc. Again, could be wrong but that's how I see it
Well it's not 1000's but more like 50's...I don't think its a 211 issue...I think its a market trading issue. I think it will also open on the TSE as well. I don't think is a finra issue but an SEC information disclosure issue. When the slap company's down to the grey's its basically the deal has no legs..Start again
Maybe your right...I just don't think you are...It really doesn't matter because there is no stock to buy or sell till the lift is released anyway...So there argument can't be decided till such time. We shall see..
Most of the stuff your referring to are in all basically grey's to begin with. No real business, dated 211, just doppey business'es that began to suddenly trade. This deal has some real legs on it. So, I don't really see the basis of going to the grey's because the SEC is looking for more disclosure info given lat months big run. Additionally, I think there have been some real market makers take in real positions so that would be a huge slap in giving another market maker an exclusive by being grey.
Just my opinion but I view this company as a little more established than your typical BB deal but we shall see soon enough
yes, I am...and are there are not thousands...but like 50 ish that fit this...as I said earlier, i don't think this is a 211 challenge. Plus remember this is also a Toronto listed stock. I think the chance that it goes greys is extremely unlikely. But we will both see soon !
Well I guess we will all see pretty soon
I hear ya but don't think its a 211 challenge but rather what is the something else that everyone needs to know kind of thing. I don't think they will come back on the grey sheets at all...Furthermore they are duo listed as well. I think you will see them on the AMEX before the grey sheets. Its just not that type of deal
This is actually a real mine with real operations and cash in the bank. Most of the stuff that goes bank to the greys are really just shells. This is a legit prospect
Actually, the SEC has not formed an opinion. The issue is the stock has had a dramatic climb in the last 30 days and they want to ensure that all the information is out. This is a temporary halt for looks like 10 trading days
I don't think they are linked. The only issue here is Eade runs Ritchie. If Ritchie resigns and brings in decent management, the deal has a shot.
Anyway, not much going to happen on this for a couple of months while the dust clears and just as well looks like everyone is playing the metals right now anyway.
Its a trading designation. Who ever they pissed off last time pulled there bids. It will be a fully reporting pink sheet stock
I don't know...as soon as Kirby starts honoring his conversions I think this thing will find some stock but then again if he doesnt he is in a bunch more trouble
Looks like I Hub is never going to let him go...that's why I keep saying they both need to get out of the deal...Im sure its no fun for them either. Cut a deal and move on already...This is like watching a car rust...WOW !
Sweet ! Up 50% the last 30 days..
How do you figure ? Pretty decent reserves and looks they are going into production. Lots of cash in the bank and no tout sheets...Looks pretty sweet to me. Up 50% in a month ! Im stayin long
Nice any idea where the awareness is coming from ?
Would like to see what this latest release will actually do for the company
Im more worries about the business...where's the beef kirby ?
they need to get a play in their
These guys have been around for a while and nothing yet
This could be very interesting if someone gets behind this
When is Bill going to make this happen...its been $80 million in paid in capital already
New Management is the only way this will get fixed
They just seem to have the habit of pissing people off and screwing up deals...its the old story of the Scorpion and the Frog...they need to get out and let someone else run it
I thought the same way for a long time. But you have to ask yourself one simple question.
Can everyone be wrong ?
Weeeeeee...common guys resign already...your never going to be able to make anything of this and get it fixed...additionally these people who you screwed over will follow you forever. They will never stop following you in the public markets. You don't have the ability, funding or support. Its time
could not agree more...New management is the Key. With IndieGoGo just raising another $12 million in equity its pretty much proves the model is ripe for this industry. But there is no way Jeff can run something like this and there way anyone is going to fund the way they do business