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For the common shareholder... I'd have
to say there's nothing left of any value... And hasn't been for a long,long time.
And for us..That's all that really matters.
Those who are still hanging on here are making the worse mistake a person can make when trading stocks.. Letting their emotions and ego cloud their judgement.
A pig and some lipstick comes to mind.
Hacketts closing its store in Massena
REORGANIZATION: CEO says joint liquidation sale at Ogdensburg, closing of rental business part of plan
By BRIAN KIDWELL
JOHNSON NEWSPAPERS
FRIDAY, JUNE 25, 2010
ARTICLE OPTIONS
A A A
OGDENSBURG — Hacketts will close its Massena store next week and send all of its inventory to the retailer's flagship Ogdensburg store for a joint liquidation sale.
Herbert L. Becker, chief executive officer of Patrick Hackett Hardware, said Thursday that the Ogdensburg store will not close, although the equipment-rental section will be shut down. He said the volume of merchandise on hand from the combined stores will allow the store to stay open through the summer.
The liquidation will offer 90 percent discounts and cover all of the inventory at the 1223 Pickering St. store.
"We are liquidating everything in the store," Mr. Becker said. "We want to make room for new product coming in the fall. We will stay open during the liquidation and will have a grand reopening in the fall."
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When the Canton and Ogdensburg stores receive the new merchandise, the Hacketts name will be dropped permanently in favor of a new one, Mr. Becker said. He declined to disclose the new name.
The Massena store, in the St. Lawrence Centre mall, will close Monday. It employs three workers. Mr. Becker declined to speculate on whether it will ever reopen.
"I can't answer that question," he said. "I have no comment on that."
He said the decision to pull the plug on the rental department of the Ogdensburg store came about after talking with customers.
"For the most part, our customers are telling us that this is something we have no need for any longer," he said.
The retailer's Canton store, at 19 Miner St., was closed for the summer over Memorial Day and will reopen Labor Day. Mr. Becker said that "seasonal" closings are common.
Hacketts has a store in Sackets Harbor that in the past has been open only in the summer. That store has not reopened this year.
The Ogdensburg store underwent an all-inventory liquidation in January. Such high-end apparel labels as The North Face, Columbia, Woolrich, Lee, Point Zero and Adidas remained in stock and a "mid-line" group of less expensive labels was brought in.
"We did bring in high-end clothing labels and have done OK with it," Mr. Becker said, "and have done well with mid-line apparel."
But Mr. Becker said it was "too soon to say" whether those high-end labels will be part of the new inventory.
Unsuccessful, however, was a plan to bring in a new hardware supplier, 5 Star Hardware.
"We were not able to sign on with 5 Star," Mr. Becker said, adding that the store has "a little" hardware in stock.
He said the liquidation, store closing and seasonal shutdown are part of a reorganization plan that was submitted to the U.S. Bankruptcy Court on Monday.
However, the 18-page reorganization plan does not mention the liquidation sale, seasonal shutdown or store closing. A disclosure statement accompanying the plan says that the stores traditionally are open year-around.
Let me explain you how Cornell works:
First Cornell's business model is designed to kill stocks and companies. Statistically 98 out of every 100 companies who deal with Cornell go broke or to pink-scam-land. Only 2% survive.
Cornell buying stock I think this is the greatest misconception of them all. Cornell NEVER has to buy stock when there s an Equity Line or SEDA agreement signed. CEO s place stock in an escrow account for Cornell to transact sells and raise cash for the company. They never buy stock, the company puts stock to them, the transfer agent DTC s those put certificates into the escrow account and the O/S then reflects the free-trading shares from the newly issued stock that s residing in the escrow account. CORNELL NEVER BUYS STOCK, THEY ONLY SELL ..And in all cases, THEY SHORT THAT ESCROW BOX.
Why does Cornell short the box? First, you must understand what that means. Most know but some don t. If one shorts without the cert in hand, it s a naked short. When one shorts a stock against the cert in hand (the cert in the escrow account in this situation) then they are covered shorting. Cornell is known to also naked short.
Covered Shorting (Boxed) and Naked Shorting
Cornell MUST ABSOLUTELY SHORT EVERY EQUITY LINE AND SEDA AGREEMENT. I ll show and tell you why. It s all about collateralization of the asset. A Loan To Value (LTV) ratio. Whenever you borrow, the lender has to protect the asset from a loss of value. Morgators demand you insure your home. Lenders demand you insure your car. Financiers demand your stock never loses value while the loan is outstanding. To protect themselves, financiers SHORT THE STOCK 100% OF THE TIME DURING THE DURATION OF THE OUTSTANDING LOAN.
Publicly traded finance involves lending money against the value of stock. Example: Stock = $10/share. Company files an SB-2 for 1,000,000 shares at the agreed upon valuation of $10/share. So they strike an Equity Line agreement for a million shares at ten bucks each, a $10 Million financing. Yahoo, the stock spikes. We got financing, buy, buy, buy!
The company starts to borrow on the equity line by issuing stock to the escrow account. Let s say the first tranche is for $100,000. The CEO calls the transfer agent and says to issue a Cert for 100,000 shares and DTC it electronically to the escrow account. Boom, the O/S just grew 100k shares. Cornell cuts the company a check and calls their broker/MM and shorts 100K shares of volume. The cert still stays in the escrow account and the cert is PROTECTED FROM A DOWN SIDE LOSS OF VALUE IF THE STOCK GOES DOWN. CORNELL IS PROTECTED FROM LOSS and they still control the cert.
Let s advance this 3 months. Let s now say the company has issued 300,000 shares at $10/share and now has 300,000 shares sitting in escrow account ALL BOX SHORTED BY CORNELL, legally. BUT A FUNNY THING HAS HAPPENED, the stock price is no longer at $10, IT S NOW $5. When one starts to add up the cash raised by the company you d figure that they d raised $3M from 300,000 shares, right? WRONG. As the stock price slides from an ever growing short position, it takes more dilutive financing shares to raise the same amount of money. You get on a treadmill. The faster you dilute, the lower your stock price goes. It becomes a shorter s dream. CORNELL CAN T LOSE. ONLY THE SHAREHOLDER LOSES, AND EVERYTIME.
Posted by another poster on another board..But I have NEVER forgotten the lesson it's taught me when Cornell is involved.
The Convertible Debenture “Death Spiral”
In many ways, the issuance of toxic convertibles are a legal method to transfer assets from the existing common shareholders into the pockets of the toxic convertibles and, to a smaller degree, the management. The toxic convertible holders get the bulk of the benefit, but don't be fooled - the issuing company's management is also a beneficiary. Let's face it, most of the companies that stoop low enough to issue these death ride convertibles do it because without the quick cash they bring in the Company would be forced to go out of business. In almost every case, the small amount of cash they receive is not enough to rescue the business which is almost always a casualty of bad business decisions our faulty business plan capped off by the terminal decision to issue the death ride convertibles. The small amount of cash and brief window of time afforded by the convertible's issuance is almost never enough to rescue a company which by all rights is already on life support. In the meantime, management gets to draw what is usually generous salary and benefits for awhile longer and may even bail out of their own share positions before the ship sinks entirely.
While the only winners in the issuance of death rides is the convertible holders and the management, there are lots of losers on the deals. The biggest losers are usually the company's original creditors. If we assume that most of the issuing companies are destined for business oblivion anyway, then certainly the company should end its life while there are still assets left to pay off existing debts. After the death ride is over, there is usually nothing left and the creditors are left with nothing. That money is almost always siphoned off into the pockets of the toxic convertible holders who almost always short the issuing company right into the ground. The common shareholders are also losers. Like the creditor scenario, any possible assets that might be available to the common shareholders end up in the pockets...
While NASD Rule 3350, “The Short Rule”, protects stock issues by prohibiting short sales on a down bid and the practices of "Bear Raiding" and "Piling On", NASD Rule 3370 (b)(2)(B) creates a loophole allowing primary market makers in OTCBB traded securities to make naked short sales without having to make a “positive determination” that securities are available to borrow for delivery by settlement date. Also, holders of convertible debentures can technically short sell securities that are technically “covered” via the convertibles.
http://www.pcms-team.com/whitepapers/focus.php?id=13ece98c422e33
A person could have drove a
semi through that back door they built into that PR...
Tom's a Pro at writing those P&D PR's...
Cornell taught their poster boy well.
Just more smoke and mirrors from TS...
All part of his MO of pumping and dumping.
It's amazing how it just keeps going on and on and who all he claims it involves???
Business explores investing program
SEAWAY VALLEY: Money-for-visas seen as way to raise $30m
By NANCY MADSEN
TIMES STAFF WRITER
TUESDAY, APRIL 20, 2010
ARTICLE OPTIONS
A A A
The embattled Seaway Valley Capital Corp. is hoping to raise $30 million or more through a federal program that exchanges foreign investment for visas.
Seaway Valley and its subsidiaries, Harbor Brewing Co. Inc. and Hacketts Stores Inc., announced Monday in a news release that they are negotiating with ACG Consulting LLC, which specializes in the federal program.
Seaway Valley has had significant financial difficulties in the past year, including subsidiary Patrick Hackett Hardware Co. filing for Chapter 11 bankruptcy protection in November. In March, a state Supreme Court judge ruled that Seaway Valley owed two Hackett family siblings and a former chief executive officer more than $700,000 related to the sale of Hacketts.
Seaway Valley President and Chief Executive Officer Thomas W. Scozzafava said he heard about the visa program from the president of the Asian American Business Development Center, New York City.
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"It's a lower-cost source of capital, because presumably the investors have to risk their money, but they're not expecting a big return on the investment, because they're looking for a visa," he said.
Last spring, Mr. Scozzafava traveled to China to further the idea. Then he looked to ACG Consulting, a subsidiary of ACG Companies, Irvine, Calif., a global holding company.
ACG Consulting will help Seaway Valley attract foreign investment through the use of the employment-based EB-5 Immigrant Investor Pilot Program, run by the U.S. Citizenship and Immigration Services.
The immigration program allows foreign nationals to invest in businesses in the U.S. and, if new jobs are created and maintained through the investment, the nationals have the right to receive U.S. visas. Businesses register as regional centers to become eligible for the investment.
"ACG's expertise in this field and global capital network are key to accomplish both the formation of the Regional Center and subsequent capital raise," Mr. Scozzafava said in a news release. "Since the minimum foreign investment per individual is $500,000, a raise of $30 million would represent only 60 foreign investors."
Seaway Valley and ACG are working on a deal that would give Seaway Valley a 49 percent interest in a regional center.
If the project goes through and the center attracts investors, Seaway Valley is looking for $30 million in capital: $10 million for Hacketts Stores and $20 million for Harbor Brewing Co.'s brewing and baking operations and new restaurants. The money could be used for growth and debt reduction.
The Hacketts Stores share will be split, with $7 million going to WiseBuys Stores Inc. and $3 million to Patrick Hackett Hardware Co. WiseBuys Stores, with a software development company, will begin a new retail chain that will offer merchandise bought on consignment, so the retailer pays for the goods as they are sold.
In a news release Monday, the company said it would partner with manufacturers to obtain discounted or obsolete merchandise. A separate entity will be formed to develop the specialized software that will enable each manufacturing partner to directly monitor its inventory, sales and cash proceeds in a secured network environment.
Outlets would be opened in population centers in spaces of at least 50,000 square feet.
"We envision these stores offering an ever-changing merchandise mix at deeply discounted prices," WiseBuys President and CEO Herbert L. Becker said in the release. "This is a tremendously exciting opportunity to develop something both novel and needed, as merchandise manufacturers are becoming increasingly frustrated by the consolidating landscape of the retail industry in the United States."
The $20 million would go to a variety of projects: a $5 million new brewery for Harbor Brewing Co., $8 million for eight new brew pubs, $2 million for Alteri's Bakery and $5 million for five retail outlets for Alteri's.
"What's important is that we have people working," Mr. Scozzafava said.
ON THE NET
U.S. Citizenship and Immigration Services: www.uscis.gov
See SEAWAY A7
Getting in isn't a problem... There are
an unlimited number of shares available with any of TS's company stocks.
It's getting out that seems to be a problem... Several over on the SEVA board have been trying to sell for awhile now and have no takers.
GLTY
SACKETS HARBOR, N.Y., April 19, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI - News), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA - News), is pleased to announce that it has agreed in principal with ACG Consulting to raise $7 million in new capital to fund is wholly owned subsidiary WiseBuys Stores, Inc. and a separate software development company for the purposes of developing a new discount retail concept wherein all merchandise is placed in each new store on consignment, which is referred to as "pay-at-scan" as the merchandise is paid for by the retailer as it is sold. The new business, which will utilize the WiseBuys name and entity, will partner directly with manufacturers both in the United States and abroad and will be chosen to provide the discounted or obsolete merchandise to each WiseBuys outlet where it can be displayed and sold. A separate entity will be formed to develop the specialized software that will enable each manufacturing partner to directly monitor its inventory, sales, and cash proceeds in a secured network environment.
WiseBuys intends to open outlets only in larger population centers initially in the Northeast United States and in spaces greater than 50,000 square feet. WiseBuys will only open new stores where realistic target annual sales per square foot will be at $250 or greater.
WiseBuys President and CEO Herbert Becker stated, "We envision these stores offering an ever-changing merchandise mix at deeply discounted prices. This is a tremendously exciting opportunity to develop something both novel and needed, as merchandise manufacturers are becoming increasingly frustrated by the consolidating landscape of the retail industry in the United States." Mr. Becker continued, "So here we will create a transparent outlet whereby merchandise can be routed directly to consumers without a middleman and at terms and pricing manufacturers can better influence. The opportunity for this type of company is significant and we are actually considering a name-change at the parent company to reflect the WiseBuys-related opportunity."
The term sheet executed with ACG Consulting also called for a $3 million raise for wholly owned subsidiary Patrick Hackett Hardware Company.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Contact:
Hackett's Stores, Inc.H. Becker315-393-6101hbecker@hackettsonline.com Buzz up!
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SACKETS HARBOR, N.Y., April 19, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI - News), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA - News), is pleased to announce that it has agreed in principal with ACG Consulting to raise $7 million in new capital to fund is wholly owned subsidiary WiseBuys Stores, Inc. and a separate software development company for the purposes of developing a new discount retail concept wherein all merchandise is placed in each new store on consignment, which is referred to as "pay-at-scan" as the merchandise is paid for by the retailer as it is sold. The new business, which will utilize the WiseBuys name and entity, will partner directly with manufacturers both in the United States and abroad and will be chosen to provide the discounted or obsolete merchandise to each WiseBuys outlet where it can be displayed and sold. A separate entity will be formed to develop the specialized software that will enable each manufacturing partner to directly monitor its inventory, sales, and cash proceeds in a secured network environment.
WiseBuys intends to open outlets only in larger population centers initially in the Northeast United States and in spaces greater than 50,000 square feet. WiseBuys will only open new stores where realistic target annual sales per square foot will be at $250 or greater.
WiseBuys President and CEO Herbert Becker stated, "We envision these stores offering an ever-changing merchandise mix at deeply discounted prices. This is a tremendously exciting opportunity to develop something both novel and needed, as merchandise manufacturers are becoming increasingly frustrated by the consolidating landscape of the retail industry in the United States." Mr. Becker continued, "So here we will create a transparent outlet whereby merchandise can be routed directly to consumers without a middleman and at terms and pricing manufacturers can better influence. The opportunity for this type of company is significant and we are actually considering a name-change at the parent company to reflect the WiseBuys-related opportunity."
The term sheet executed with ACG Consulting also called for a $3 million raise for wholly owned subsidiary Patrick Hackett Hardware Company.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Contact:
Hackett's Stores, Inc.H. Becker315-393-6101hbecker@hackettsonline.com Buzz up!
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Ok... But I'd
be careful...Be Very VERY careful here.
I wouldn't allow this
so called 'Friend' anywhere near my wife,kids or dog.
With friends like that you'll need no enemies.
The problem with that is
that anyone holding shares before the R/S is locked out for at least two weeks and unable to trade through the R/S fake run.
Be careful here... Be Very VERY Careful
Any assets here
have nothing whatsoever to do with the stock..
I don't expect anyone
to listen to me or use anything I say as to Buying or Selling.
The same as you and your 'group'.. It's just an opinion and everyone has one.
Anyone who Buys or Sells a stock based on what they read on a message deserves whatever they get.
I've been here awhile so I know 'The rest of the story'
GLTY
Has nothing to do with their
OS and Float... Just reduces their A/S
Before they went pink that was at 10 Billion... So there's still plenty to go around...
They can increase it back to the 10 Billion, or any number they want, with the stroke of a pen..
Meaningless PR IMO
Are we 'Halted' ??? Is the
brewery in the same garage as the office and his dad's auto repair shop??.. Where do they keep the printing press now??
So many questions ... So few answers??
ahhhh.. That's right.. I forgot.. thx...eom
Not for long...Keep in mind
that Cornell converts at a HUGE discount to the market... That's why it's almost impossible to ever get them paid off.
We paid it off for Tommy once but he jumped right back in bed with them again within days for the 'easy money'.
So far, two hedge funds are leading the way in investing in death spiral deals. Over the past 12 months, Cornell Capital Partners has emerged as the top investor in death spiral transactions, sinking $175 million into 42 deals. In second place is NIR Group, which has invested $77 million in 40 transactions.
No other hedge fund comes close to Cornell Capital or NIR, says Robert Kyle, executive vice president of Sagient Research, the parent company of PlacementTracker.
Mark Angelo, the founder and president of Cornell Capital, a $500 million fund located in Jersey City, N.J., declined to comment. Corey Ribotsky, the manager of Roslyn, N.Y.-based NIR Group, did not return several phone calls. NIR Group has $486 million in assets under management.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31274926
Hey !!! Where's my update
on that famous Webcast ??.. Did I miss the memo??
Am I out of the 'loop' again??
re:...Are you a bagholder now ??
Heck no... I've watch this combo long enough to know better.
There's a reason it's a 'pinky'.
ugggg!!... Off another -18%.. Perhaps
they should have stayed in BK 11 after all ??
It must have been
a 'No Show' by Tom??... Go figure??
He must still be in hiding?? Can't really say I blame him.
It's possable ... What's
one we haven't heard for awhile here so it should be good for a little kicker.
re:.."Whos ever is seling is gonna regret it"
naaaa... Tom has an unlimited supply of free shares.
He'll be just fine.
When will people realize
that outside of sharing a common name (Hackett) the stock has nothing whatsoever to do with the stores ??
Why would TS pay those people??
He didn't pay anyone else ??... For the most part Cornell is the only one who he's been able to keep 100% satisfied.
And they play by a different set of rules then the rest of us.
re:.."with their past "financing" activities"
And just which 'activities' would that be??
http://www.watertowndailytimes.com/article/20100311/NEWS05/303119955
....In November, Patrick Hackett Hardware Co., a subsidiary of Hacketts Stores Inc., filed for Chapter 11 bankruptcy protection with more than 200 creditors owed at least an estimated $10 million, yet the company lists assets of less than $50,000
If your going to eves drop
please at least try and pay attention..
If I have to explain it to you then I don't think your capable of grasping 'The Rest of the Story' that I was trying to point out to tctmom.
Nuff Said
GLTY
I guess you didn't get the 'memo'
Or see this morning PR... You can't have it both ways...
That debt washes both ways..
SACKETS HARBOR, N.Y., March 10, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI - News), a subsidiary of Seaway Valley Capital Corporation (Pink Sheets:SEVA - News), announced today that its loan with the North Country Alliance, which had a remaining balance of over $38,000, has been completely satisfied.
"With the help of our parent company, we are glad to have satisfied this agency loan in full," stated Patrick Hackett President and CEO Herbert Becker, "and look forward to doing the same with each and every local development agency here in the North Country."
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service paint department, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO-branded stores opened to date.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements
re:..."a major creditor" ??
What they paid off there was 'chump change' compaired to what the real MAJOR debt holders are owed... Read on
Convertible Debentures due on March 23, 2009, provides for interest in the amount of 10% per annum and are convertible at the lesser of (a) $0.015 or (b) 85% of the lowest closing bid price of Seaway common stock during the 10 trading days immediately preceding the conversion date. $ 150,000
Convertible debentures due on December 12, 2010 provide for interest at 7% per annum and are convertible at the lesser of (a) $0.10 per share or (b) 85% of the average 3 lowest Volume Weighted Average Prices ("VWAP") during the 20 trading days prior to the holder's election to convert. If the holder elects to convert a portion of the debenture and the VWAP is below $0.005, the Company shall have the right to prepay that portion of the debenture that the holder elected to convert, plus any accrued interest at 150% of such amount. 1,500,000
Convertible debenture due on September 18, 2012 provide for interest at 8% per annum and is convertible at the lesser of (a) $0.024 per share or (b) 90% of the closing market price for the day prior to the date of the holder's election to convert. 470,000
Convertible debentures due on demand provide for interest at 12% per annum and are convertible at the lesser of (a) $0.02 per share or (b) 90% of the closing market price for the day prior to the date of the holders' election to convert. 944,775
Convertible debenture due on December 10, 2011 provide for interest at 12% per annum and is convertible at the lesser of (a) $0.011 per share or (b) 75% of the closing market price for the day prior to the date of the holder's election to convert. 1.525,000
Convertible debentures due on November 30, 2010 provide for interest at 10% per annum and are convertible at the lesser of (a) $0.12 per share or (b) 90% of the average 3 lowest Volume Weighted Average Prices ("VWAP") during the 20 trading days prior to the holder's election to convert. 550,000
Convertible debenture due on March 2, 2010 provide for interest at 12% per annum and is convertible at the lesser of (a) $0.01 per share or (b) 75% of the average lowest Volume Weighted Average Price ("VWAP") during the 5 trading days prior to the holder's election to convert. 50,589
Convertible debenture due on February 28, 2010 provide for interest at 12% per annum and are convertible at the lesser of (a) $0.01 per share or (b) 75% of the average lowest Volume Weighted Average Price ("VWAP") during the 5 trading days prior to the holder's election to convert. 2,249,073
NOTE 9 – LONG TERM DEBT
Note Payable - requiring monthly installments of $3,105, including interest at 3%, maturing July 2011; secured by second position interest in Canton & Gouverneur store assets; guaranteed by Corporate officers.
$
126,425
Note Payable - requiring monthly installments of $2,643, including interest at 3%, maturing July 2011; secured by a second position interest in the Canton store assets; guaranteed by Corporate officers.
107,612
Note Payable - requiring monthly installments of $1,745, including interest at 6%, maturing December 2010; secured by second position interest in the Canton & Gouverneur store assets; guaranteed by Corporate officers.
57,371
Note Payable - requiring monthly installments of $3,911, including interest at 4%, maturing May 2011; secured by assets located at Pulaski store; guaranteed by Corporate officers & other related parties.
149,655
Note Payable - requiring monthly installments of $3,654, including interest at 6%, maturing August 2011; secured by assets located at Tupper Lake store; guaranteed by Corporate officers.
143,837
Notes Payable – bearing interest at 8%, aggregate amount of $500,000 due August 2008; aggregate amount of $1,000,000 due November 2008; aggregate amount of $500,000 due January 2009; aggregate amount of $2,500,000 that accrue interest over the first three years, then require payment in equal annual installments of accrued interest and principal over between November 2010 and November 2015.
4,500,000
Note Payable - requiring monthly installments of $1,933, including interest at 6%, beginning July 2005; maturing June 2010; secured by Corporate assets; guaranteed by Corporate officers.
53,734
Term loan - secured by all business assets, maturing in 2009 with interest at a variable rate of interest equal to the highest Wall Street rate plus .5%; payable in a series of consecutive monthly payments of $6,944 principal and accrues interest (increasing each year) until September 2009, when remaining unpaid balance shall become due.
118,056
Term loan – secured by all business assets, maturing in 2011 with interest at a variable rate of interest equal to the highest Wall Street rate; payable in a series of consecutive monthly payments of $16,668 principal and accrued 2011, interest (increasing each year) until September 2011 when the remaining unpaid balance shall become due.
783,329
Note payable - payable in monthly installments of $3,753 including interest at 7.75% through May of 2013.
198,707
Capital lease obligation – secured by equipment, payable in monthly installments of $482 with imputed interest at 8.25% through April 2012.
21,370
Mortgage – secured by building and contents maturing in 2008 with interest at a variable rate of interest equal to the one month London Interbank Offered Rate plus180 basis points; payable in a series of consecutive monthly payments of principal and accrued interest, (principal increasing each year) until August 1, 2008, when the entire principal balance remaining unpaid shall become due.
733,316
Mortgage - secured by building at a variable rate of interest equal to the five-year Treasury Bill Index plus 2.75 basis points; payable in monthly installments of $1,305 including interest through November 2016.
106,994
Mortgage - secured by property, payable in monthly installments of $3,413 including interest at 6.99% through February 2021.
352,595
Note payable - secured by equipment, payable in monthly installments of $553 including interest at 5.09% through July 2008.
3,811
Floor plan financing - secured with purchase money security interests in the new unit inventories of motorcycles and other products sold by the Company. As inventory is sold, a portion of the proceeds is used to pay down the outstanding floorplan obligation. Interest is charged on the floorplan at a rate of 3.2% to 4.5% over the prime rate.
271,961
Capital lease obligation secured by property, payable in monthly installments of $1,664 including imputed interest at 8% through July 2010.
46,455
Capital lease obligation secured by property, payable in monthly installments of $1,789 including imputed interest at 8% through December 2011.
72,000
Capital lease obligation secured by equipment, payable in monthly installments of $437 including imputed interest at 8% through August 2009.
78,037
Capital lease obligation secured by equipment, payable in monthly installments of $578 including imputed interest at 8.25% through June 2011.
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AND TS is still signing debentures like crazy I see... 16 debentures now out there cashing in!
On July 11, 2008 the Company issued a $100,000 convertible 8% debenture to an individual for financing provided. The debenture, due July 10, 2013, is convertible into common stock equal to the lesser of: (a) $0.004 per share; (b) the amount of this note to be converted divided by 75% of the closing market price of the Maker’s common stock for the day prior to the date of the exercise of such conversion right; or (c) the lowest per share price of any common stock issued by the Company any time subsequent to the date of the note. Interest is payable in shares of the Company’s common stock.
On August 1, 2008 the Company issued two convertible debentures totaling $457,174 to two individuals for financing provided. The debentures, due July 31, 2013, are convertible into common stock equal to the lesser of: (a) $0.0025 per share; (b) the amount of these notes to be converted divided by 75% of the closing market price of the Maker’s common stock for the day prior to the date of the exercise of such conversion right; or (c) the lowest per share price of any common stock issued by the Company any time subsequent to the date of the note.
On September 1, 2008 the Company issued two convertible 10% debentures totaling $200,000 to an individual and an entity for financing provided. The debentures, due August 31, 2011, are convertible into common stock equal to the lesser of: (a) $0.005 per share; (b) the amount of these notes to be converted divided by 65% of the lowest Volume Weighted Average Prices ("VWAP") during the 5 trading days immediately preceding the holder's election to convert.
On September 23, 2008 the Company issued a $100,000 convertible 10% debenture to an individual for financing provided. The debenture, due September 15, 2011, is convertible into common stock equal to the lesser of: (a) $0.005 per share; (b) the amount of this note to be converted divided by 65% of the closing market price of the Maker’s common stock for the day prior to the date of the exercise of such conversion right. Interest is payable in shares of the Company’s common stock.
ALSO
Subsequent to the nine months ended September 30, 2008, holders of certain convertible debentures converted principal amounts totaling $57,700 into 216,356,223 shares of common stock.
Subsequent to the nine months ended September 30, 2008, the Company issued 127,500,000 shares of its common stock to employees and consultants for services. The shares were valued at the closing price on the date of grant and the Company recognized compensation expense totaling $33,500.
Subsequent to the nine months ended September 30, 2008, holders of Preferred Series C converted shares totaling 8,750 into 220,995,475 shares of common stock.
Seaway Valley Capital Corporation had an operating loss of $4,804,478 for the first nine months of fiscal 2008 versus a loss of $2,036,704 for the same period ended September 30, 2007
Our operations have been funded to date primarily by loans (both bank loans and more recently convertible debentures), contributions by our founders and their associates, and profitable securities sales at Seaway Valley Fund, LLC. The net amount of the bank loans is reflected on our September 30, 2008 balance sheet in the aggregate amount of $12,926,642. The net amount of the convertible debentures is reflected on our September 30, 2008 balance sheet in the aggregate amount of $5,464,017.
As a result, to increase the Company’s liquidity and to help fund operations, the Company secured a $5 million inventory-based line of credit from Wells Fargo in March 2008. Concurrently, YA Global Investments, LP acquired over $2.249 million of the Company’s legacy senior bank debt, most of which was due at that time. Of course, this allowed shareholders to pay ALL this debt instead of the company (and we are still losing money) The purchase and exchange of this debt into convertible debentures by YA Global materially lowered that Company’s immediate cash needs by $2.249 million and also allowed the Company to maintain significantly more available capital under the Wells Fargo line of credit. In addition, the Company expects to receive capital from Golden Gate Investors, Inc. and JMJ Financial to satisfy its Promissory Note asset of $2.125 million during 2008 and 2009.
As of September 30, 2008, the Company was in breach of certain loan covenants of the Wells Fargo line of credit. As a result conditional terms were outlined by Wells Fargo, and to date certain of those conditional terms had not yet been met. Specifically, the Company has raised additional capital of approximately $620,000, which is $315,000 below the $935,000 required by Wells Fargo. Although the Company continues to seek out additional capital, no guarantee can be made of our ultimate success in doing so. As a result of the foregoing, the Company was not in compliance of the debt agreement at September 30, 2008. Due to the default, certain other long term obligations that may be callable by the holders have been classified as current in the accompanying financial statements.
We have the capital resources necessary to carry on operations for the next period, despite continuing losses and the line of credit covenant breach. In order to implement our revised business plan, however, we will need substantial additional capital, including the funds associated with any of the Company’s notes receivable outstanding.
The Company expects to fund its operations and capital expenditures from internally generated funds as well as additional outside capital, which may come in the form of equity or debt. Management believes that its existing cash balances will be sufficient to meet its short term working capital, capital expenditures, and investment requirements for at least the next 6 to 12 months. Hackett’s or the Company may require additional funds for other purposes, such as acquisitions of complementary businesses, and may seek to raise such additional funds through public and private equity financings or from other sources. However, management cannot assure you that additional financing will be available at all or that, if available, such financing will be obtainable on terms favorable to us or that any additional financing will not be dilutive.
What most here don't realize
and haven't figured out yet is that there is no real connection whatsoever between the stores and the stock.
You buy a stock here is like buying a postage stamp... You may own a stamp but you don't hold any interest in the Post Office or have any say in how it's ran.
I've been in construction all my life
Trust me on this...It can be years between the start of 'discussions' and actual constructions.
Especially if someone at City Hall has a problem with it.
At the very least I'd say if things went VERY well they are at the minimum of 12 to 15 months away from the start of any construction.
And that's just for building permits etc etc..Nothing said about financing.
Those may be a couple of questions you may want to ask on that WebCast that's coming up next week.
When do they anticipate start of construction??
How do they plan on paying for this brewery??
re:..."brewery they are building" ??
I didn't get the memo??.. When did they start construction??
TIA
I hope both companies
make 'Billions' and are able to do the right thing and re-pay the common shareholders who actually paid for those companies.
GLTY and all of us.
Tom is the one who
put the company at risk in the first place by letting the WF $5M loan go into default almost from day one.
He never made a payment on that loan until he was forced to do so.
It's unbelivable the amount of money that's gone through these companies and management with nothing to show for it. And their still buried in debt???
GNXP finished the day up another +8.9% on a vol on 938K ... Very impressive chart
Smart management never
release good news on a Friday... It's a wasted effort because traders go to cash on the Friday before a holiday week-end..
By next Tuesday any news released today will be history.
But then again I'm talking about 'SMART' management... I have no idea what may happen here??